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Reopening/Reassessment u/s 147/148 on retrospective amendment bad as there is no failure on the part of assessee to disclose fully/truly all material facts

Reopening/Reassessment u/s 147/148 on retrospective amendment bad as there is no failure on the part of assessee to disclose fully/truly all material facts

April 17, 2016 Income Tax, ITAT, Judgments
In a recent judgment, ITAT Delhi has stated that a concluded assessment can not be reopening u/s 147/148 based on a retrospective amendment in Law as there could not be any failure on the part of the assessee to disclose fully and truly all material facts. Case Law Details: ITA Nos. …
Major Highlights-Finance Minister Arun Jaitley Engagements in Washington DC 15-04-2016, G-20 Participates, Meeting with the World Bank Group President

Major Highlights-Finance Minister Arun Jaitley Engagements in Washington DC 15-04-2016, G-20 Participates, Meeting with the World Bank Group President

April 16, 2016 Finance Ministry
Major Highlights of the Finance Minister Shri Arun Jaitley’s Engagements in Washington D.C. on 15th April, 2016, the Third Day of his US Official Visit; Participates in G-20 Finance Ministers and Central Bank Governors’ Meeting; Holds a Bilateral Meeting with the World Bank Group President Mr Jim Yong …
No creditor’s liability cessation u/s 41(1) for an entry outstanding in books over the years and not been challenged in the initial year of such entry

No creditor’s liability cessation u/s 41(1) for an entry outstanding in books over the years and not been challenged in the initial year of such entry

April 15, 2016 Income Tax
ITAT Amritsar, in a recent judgment, has held that no conclusion of cessation of creditor’s liability u/s 41(1) can be drawn for an entry outstanding in books over the years and not been challenged in the initial year of such entry.  Case Law Details: M/s. Modern Distributors vs. Income Tax Officer …