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Judiciary

Non-issue of notice u/s. 143(2) after filing of return makes assessment u/s. 143(3) /147 bad in law

December 17, 2017 4041 Views 0 comment Print

Non-issue of notice u/s. 143(2) after filing of the return of the Assessee, by way of letter, makes the assessment order passed u/s. 143(3) r.w.s. 147 bad in law.

Intimation issued U/s. 143(1) cannot stop Assessee from filing revised return

December 17, 2017 11301 Views 1 comment Print

Intimation issued under section 143(1) cannot be treated as order of assessment and on the basis of such order the assessee denied his statutory rights to file a revised return within the period of limitation.

Assessment U/s. 147 not become invalid for satisfaction of Reasons recorded by both CIT & JCIT

December 17, 2017 2640 Views 0 comment Print

Merely because an even higher authority has expressed similar satisfaction does not obliterate the satisfaction of appropriate authorities.

Section 263: Revisional order becomes legally fragile on failure to provide opportunity of hearing to assessee

December 17, 2017 1659 Views 0 comment Print

What is contemplated by Section 263, is an opportunity of hearing to be afforded to the assessee. Failure to give such an opportunity would render the revisional order legally fragile not on the ground of lack of jurisdiction but on the ground of violation of principles of natural justice.

CIT cannot treat AO’s order as erroneous and prejudicial to interest of revenue without conducting an enquiry and recording a finding

December 16, 2017 2490 Views 0 comment Print

For the purposes of exercising jurisdiction under Section 263 of the Act, the conclusion that the order of the AO is erroneous and prejudicial to the interests of Revenue had to be preceded by some minimal inquiry. In fact, if the ld. PCIT is of the view that the AO did not undertake any inquiry, it becomes incumbent on the LD. PCIT to conduct such inquiry.

TNGST Act, 1959: Matter covered by certificate of settlement shall cannot be re-opened

December 16, 2017 1512 Views 0 comment Print

Section 9 of the Tamil Nadu General Sales Tax Act, 1959 is to the effect that a certificate of settlement issued under Section 8(1) of the Act shall be conclusive as to the dispute to which it relates to, and no matter covered by such certificate of settlement shall be re- opened in any proceedings of review or revision, or in any other proceeding, under the relevant Act.

TNVAT: Assessees entitled to avail benefit of input tax credit, once turnover exceeds Rs. 50,00,000/- limit from Beginning of year: HC

December 16, 2017 3306 Views 1 comment Print

M/s. Sri Murugan Agency Vs. Commercial Tax Officer (FAC) (Madras High Court) The petitioner herein opted to pay compounding tax as per section 3(4) of the Tamil Nadu Value Added Tax Act, 2006, as the assessee expected the turnover for the year 2007-08 as between Rs. 10 lakhs and Rs. 50 lakhs. The petitioner filed […]

Capital gain chargeable only on transferor and not on transferee: No Tax on firm on crediting Revaluation Surplus to Retiring Partners A/c

December 16, 2017 4653 Views 0 comment Print

Mahul Construction Corporation Vs. ITO (ITAT Mumbai) In this case The AO wants to tax the amount credited in capital a/c of retiring as well as continuing partners within the realm of 45(4) of the Act. So far as amount credited to capital a/c of retiring partners is concerned, notwithstanding the fact that there is […]

Section 13(3) : ITAT upheld exemption to trust who received grant from ABN AMRO Foundation & RBS Bank India

December 16, 2017 9921 Views 0 comment Print

ADIT Vs. M/s. RBS Foundation India (ITAT Mumbai) Assessee is a limited share registered company under section 25 of the Act and is a separate and independent legal entity wherein RBS Bank India or ABN AMRO Foundation, Netherlands are neither the shareholders nor the promoters of the assessee. The assessee company has been formed with […]

Order of AO not become erroneous merely because PCIT feels that further inquiry should have been made

December 16, 2017 1548 Views 0 comment Print

M/s Amira Enterprises Ltd. Vs. The Pr. C.I.T. (ITAT Delhi) The assessee had filed various replies to the ld. PCIT in response to notice u/s of the Act 263 of the Act stating that all the issues raised by the PCIT have been examined by the AO during the course of assessment. The PCIT has […]

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