Income Tax : Section 292B is considered as a protection to the Income tax authorities for most of short comings in proceedings due to technical...
Income Tax : Our focus of the article will be on section 144B of the Income-tax Act, 1961 (Act) which has been introduced with effect from 01.0...
Income Tax : It is noticed that the department has lost the revenue in number of cases mainly on account of fatal mistake made by the AO in iss...
Income Tax : Bombay High Court held that reassessment proceeding u/s. 148 initiated against non-existing company is not sustainable in law in a...
Income Tax : ITAT Mumbai held that once the assessee is dead no valid assessment or reassessment can be made in the name of the deceased. Thus,...
Income Tax : Delhi High Court held that provision of section 292B doesn’t include passing of order u/s. 148 overlooking error apparent on the...
Income Tax : Despite there was a valid disclosure made by assessee and AO being duly apprised of the factum of merger, AO made the draft assess...
Income Tax : ITAT Mumbai held that notice for re-assessment proceeding under section 148 of the Income Tax Act issued on a non-existing entity ...
Bombay High Court held that reassessment proceeding u/s. 148 initiated against non-existing company is not sustainable in law in as much as the department was already informed about the merger. Accordingly, notice quashed.
ITAT Mumbai held that once the assessee is dead no valid assessment or reassessment can be made in the name of the deceased. Thus, notice issued u/s. 148 upon the deceased assessee who expired prior to issuance of notice is invalid.
Delhi High Court held that provision of section 292B doesn’t include passing of order u/s. 148 overlooking error apparent on the face of the record. Thus, order passed overlooking error is liable to be set aside.
Despite there was a valid disclosure made by assessee and AO being duly apprised of the factum of merger, AO made the draft assessment order in the name of a party which no longer existed on that date.
ITAT Mumbai held that notice for re-assessment proceeding under section 148 of the Income Tax Act issued on a non-existing entity i.e. merged entity is void ab initio and hence is liable to be quashed.
Court emphasized that issuing a notice to a non-existent entity constitutes a jurisdictional defect, which Section 292B cannot cure.
Addition of Rs.10 Crore under Section 271(1)(c) was not justified as Revenue failed to specify whether the addition was being made alleging concealment of income or for furnishing inaccurate particulars of income.
ITAT Lucknow quashes penalty u/s 271B for failure to file audit report, stating incorrect grounds for penalty initiation.
Assessee has preferred the present appeal mainly contesting that CIT(A) has erred in upholding the assessment order passed by AO disregarding the fact that the same was passed on non-existing entity.
ITAT Ahmedabad remands case to DRP, allowing appeal on the grounds of curable defects in Form 35A submitted by Rajendra Ramjibhai Patel.
