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 : 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 ...
Income Tax : Court emphasized that issuing a notice to a non-existent entity constitutes a jurisdictional defect, which Section 292B cannot cur...
Income Tax : Addition of Rs.10 Crore under Section 271(1)(c) was not justified as Revenue failed to specify whether the addition was being made...
Income Tax : ITAT Lucknow quashes penalty u/s 271B for failure to file audit report, stating incorrect grounds for penalty initiation....
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.
The respondents, on the other hand, would urge us to hold that a failure to place the amalgamated entity on notice was curable and one which would fall within the ambit of Section 292B of the Income Tax Act, 1961.
Alena Cyprus had also filed its return of income in India for the AY 2018-19 wherein LTCG of Rs. 80,86,75,225 arising from sale of shares to assessee were declared exemption claimed under Article 13 of the India-Cyprus DTAA.
ITAT Jaipur held that notice under section 148 of the Income Tax Act and order thereon issued in the name of Dead individual is null and void. Accordingly, the impugned notice and order held as void-ab-initio.
