Income Tax : A guide to India's block assessment tax provisions from the Finance Act 2024. Understand pending assessments, undisclosed income, ...
Income Tax : The tribunal reversed the CIT(A)’s decision for wrongly quashing assessment due to lack of notice under Section 143(2). It held ...
Income Tax : The Court held that recording satisfaction after a delay of nine months was not immediate as required by law. It upheld quashing o...
Income Tax : The ITAT held that absence of a valid notice under Section 143(2) is a jurisdictional defect. Since the notice was not properly is...
Income Tax : The Tribunal examined whether prior approval under Section 153D was granted after due application of mind. It held that mechanical...
Income Tax : The High Court held that jewellery seized during a search cannot be retained once tax liability is fully settled under the Vivad S...
Income Tax : CIRCULAR NO. 24/2015 Several High Courts have held that the provisions of section 153C of the Act are substantially similar/pari-m...
The tribunal reversed the CIT(A)’s decision for wrongly quashing assessment due to lack of notice under Section 143(2). It held that Section 263 proceedings are a continuation of original assessment.
The Court held that recording satisfaction after a delay of nine months was not immediate as required by law. It upheld quashing of assessment proceedings and deletion of undisclosed income addition.
The ITAT held that absence of a valid notice under Section 143(2) is a jurisdictional defect. Since the notice was not properly issued by the competent officer, the entire assessment was declared void ab initio.
The Tribunal examined whether prior approval under Section 153D was granted after due application of mind. It held that mechanical and routine approval invalidates the assessment, rendering the search assessment void.
The High Court held that jewellery seized during a search cannot be retained once tax liability is fully settled under the Vivad Se Vishwas Scheme. Continued detention after issuance of Form-5 was declared illegal.
While search proceedings were still pending, the Court permitted release of seized jewellery and cash after petitioners deposited amounts against possible tax demand. No view was taken on merits of explanations.
Gujarat High Court held that reopening of assessment u/s. 147 of the Income Tax Act solely on the basis of material found by AO of searched person without satisfaction note as prescribed under section 153C is untenable in law.
Punjab and Haryana High Court held that transfer of case from Chandigarh to Panaji under section 127 of the Income Tax Act to centralize the assessment of all connected or linked persons at one place is justifiable. Accordingly, the present petition is dismissed.
The Tribunal reaffirmed that satisfaction must be recorded contemporaneously or immediately after the searched person’s assessment. Any belated recording invalidates the assumption of jurisdiction under section 153C.
The Gujarat High Court quashed a Section 153C notice due to a 22-month delay in recording the satisfaction note, ruling it violated Supreme Court guidelines for immediate post-assessment action.
