Where AO passed order of reassessment under section 147, even when Revenue processed return of assessee under section 143(1)(i) by intimation, the impugned assessment order deserved to be quashed, as the AO could not proceed with extraordinary power under section 147, when normal procedure of assessment of income under section 143(3) was available.
There is no dispute that the search was conducted in the previous year relevant to the assessment year under consideration therefore the provisions of Section 153C are not applicable for the assessment year under consideration however, the mention of this Section in the order is only a mistake which is covered under the provisions of Section 292BB of the Act.
Petitioner is challenging imposition of GST on the confectionery items on the ground that it does not come within the purview of taxes at the rate of 18% to 28%, as imposed by the respondents.
Section 44BB of the Act is a special provision for computing profits and gains in connection with the business of exploration of mineral oils. Its purpose was explained by the Department vide its Circular No. 495 dated September 22, 1987, namely,
The contract of guarantee does not give any rise to principal – agent relationship between the assessee and the bank and, therefore, the consideration received by the bank on account of guarantee commission cannot be reckoned as commission as contemplated under section 194H and accordingly, there was no requirement to deduct TDS on this payment.
Explore the ITAT Delhi’s decision on Anant Concrete Products Pvt. Ltd. vs ITO, highlighting jurisdictional issues in the reassessment process. Learn how the lack of proper jurisdiction impacts the validity of re-assessment.
Lack of opportunity at the revisional stage under Section 263 does not vitiate the entire order, or the proceedings; rather it is a curable defect. Court is of the opinion that the ruling in Commissioner of Income tax v Amitabh Bacchan 2016 SCC Online SC 484 is decisive; it upholds the power of the Commissioner to consider all aspects which were the subject matter of the AO’s order, if in his opinion, they are erroneous, despite the assessee’s appeal on that or some other aspect.
While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the assessee cannot be treated as non-genuine merely for the reason that the family members of the assessee had received bogus gifts during the same year.
Respondent was required to consider as to merely because the notified party in the commercial invoice contains an address in Chennai, can the transaction be suspected to be one for sale within the State of Tamil Nadu. In fact, when the Detention Notice was issued on suspicion, there was no tangible material available with the officer to suspect that the imported goods were intended for sale in Tamil Nadu.
Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) In this case assessing officers main allegation is that two parties from whom appellant made purchases are involved in providing accommodation entries as per the list published by Maharashtra Sales Tax Department. On the other hand, assessee has furnished certain evidences in the form of purchase […]
