Merely on the basis of certain documents found in the third party premises the addition cannot be made . The provision of section 132 (4A) and section 292C is not applicable in respect of documents found in the third party premises . In Dy.CIT v .GSNR Rice Industries Pvt. Ltd (2021) 90 ITR 114 /… (read more)

Search assessment are excluded from the provisions of section 148A of the Income-tax Act, 1961 (Act). Further, it is also deemed that the Ld. Assessing Officer has information that suggests that income has escaped assessment. Further, by virtue of first proviso to section 149 of the Act, the Assessment years that could not have been… (read more)

Yes, the purchaser of flat/shops should reply on the first proviso to section 149(1) of the Income-tax Act, 1961 (Act). However, there is a CBDT Instruction no. 1 of 2022, which has, inter alia, instructed Assessing Officers to Assessee AY 2013-14 onwards. Therefore, the purchasers, based on the facts of their case, might have to… (read more)

The Order under section 148A(d) of the Income-tax Act, 1961 (Act) can be challenged if an order is passed without giving at least 7 days’ time for the assessee to respond to the Notice issued under section 148A(b) of the Act. Yes, uploading on the portal amounts to good service. As long as the document… (read more)

Yes, in our view, the same is a clear-cut change of opinion and the contention of change of opinion must be raised. No authority has the power to review its own order unless the same has been statutorily provided. The Hon’ble Supreme Court in the case of Lily Thomas v. UOI & Ors. (2000) 6… (read more)

Please file writ petition before High Court . Make CBDT also one of the respondent . High Court will direct the department to issue form No 5 . (read more)

Every year, the land has been shown in the books of the firm as its own property. Therefore, the land is duly recorded as the property of the Firm. Registration of an immovable property is a mere formality and does not amount to purchase of the immovable property. The actual year of purchase of property… (read more)

The action is not justified. When there is such difference then authorities are required to take action as per section 42(3) of CGST Act, which reads as under as applicable at relevant period. “(3) Where the input tax credit claimed by a recipient in respect of an inward supply is in excess of the tax… (read more)

As we understand, the assessee has received a fresh Notice under section 148A of the Income-tax Act, 1961 (Act) for AY 2014-15. By virtue of first proviso to section 149 of the Act, the same is time barred. The Assessee would have to explain the same in its response to the notice issued under section… (read more)