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 : ITAT Ahmedabad held that assessment order passed against non-existent entity is an invalid assessment order and hence entire asses...
Income Tax : ITAT Delhi held that reopening of assessment under section 148 of the Income Tax Act based on incorrect facts and incorrect record...
Income Tax : ITAT Delhi held that assessment passed on a non-existing entity [i.e. Union Bank of India] not sustainable since the same is amalg...
Income Tax : ITAT Raipur held that entire addition of transaction in the hands of assessee under section 69 of the Income Tax Act as unexplaine...
Income Tax : Petitioner stated that the said notice was issued pursuant to the information collected under section 135A of the Act, which perta...
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.
ITAT Bangalore held that passing of assessment order without issuance of notice u/s. 143(2) of the Income Tax Act is a fatal one and it cannot also be cured u/s. 292B of the Income Tax Act.
