Tag: reassessment 147
Escapement of income is to be examined in the original return and not the return filed in response to notice u/s 148 of the Act – ITAT In a recent judgment, ITAT Chennai has quashed the reassessment order observing that the issue whether the assessee has underdeclared income …
When AO started the computation of assessed income from the returned income, the return can not be considered non-est for no e-verification In a recent judgment, ITAT Delhi has held that when Assessing Officer started the computation of assessed income from the returned income, the return can not …
Assessment framed u/s 147 without providing assessee copy of reasons to believe despite specific request was without valid assumption of jurisdiction – ITAT In a recent judgment, the ITAT Raipur has held that assessment framed u/s 147 without giving assessee copy of reasons to believe despite specific request …
Mere use of expression “Yes, I am satisfied” cannot be considered to be a valid approval u/s 148 – High Court In a recent judgment, the Hon’ble Delhi Court has held that the mere use of expression “Yes, I am satisfied” for issuance of notice under Section 148 …
Income Tax Re-assessment notices under old regime period can be issued after 01.04.2021 under TOLA – Supreme Court In a recent judgment, the Hon’ble Supreme Court has held that time extension under TOLA will continue to apply for issue of re-assesment notice after 1st April 2021 if any …
Issue decided on merits by ITAT cannot again be subject matter of reopening of assessment under section 147 In a recent judgment, ITAT Delhi has held that once the issue has been decided on merits by the Tribunal, being the highest fact finding authority and a categorical finding …
One PAN was allotted to two taxpayers resulting Re-assessment order of wrong person quashed by High Court In a recent judgment, the Hon’ble High Court has quashed a re-assessment order passed u/s 147 on a wrong person because one PAN was allotted by the Department to two taxpayers …
High Court quashed re-assessment order u/s 147 and order passed u/s 148A(d) for treating the whole turnover of trading in future and options as income In a recent judgment, the Hon’ble Bombay High Court has quashed re-assessment order passed u/s 147 order passed u/s 148A(d) and show cause …
Income Tax Act provides complete machinery for assessment/reassessment of tax, assessee is not permitted to abandon that machinery and invoke jurisdiction of High Court under Article 226 ABCAUS Case Law Citation:ABCAUS 3790 (2023) (08) SC Important Case Laws relied upon:Gurinder Mohan Singh Nindrajog v. Commission of Income Tax, …
Reassessment proceedings u/s 148A under amended provisions and impact of the Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Act 2020 on limitation period – Allahabad High Court struck down CBDT Instruction ABCAUS Case Law Citation:ABCAUS 3675 (2023) (02) HC Important Case Laws relied upon by …
