When no incriminating material is found assessment u/s 153 A is bad in law . In PCIT (Central ) v. Jaypee Financial Services Ltd. (2021) 282 Taxman 475 (Delhi) (HC) the Court held that as no incriminating documents were found in the course of search and the assessment was not pending on the date of… (read more)

The legal heir is under an obligation to intimate the death of the assessee to the jurisdictional Assessing Officer. The same can be done manually or through the portal. Since a Notice under section 148A of the Income-tax Act (Act) is issued in the name of the deceased assessee. The legal heir should object to… (read more)

As per section 143(2) read with section 153 of the Income-tax Act, 1961, the last date for passing of the Order for AY 2020-21 is March 31,2022. Any order passed after the last date will be Time barred. (read more)

The Assessee received an amount from sale of residential house and he desires to claim exemption against said sale proceeds in his Return of Income,. For claiming exemption he has to invest i.e. capital gain amount in to 54 EC Capital Gains Tax Exemption bonds at any time within the period of six months after… (read more)

The assesseee can file an appeal before the CIT(A) may challenge the reassessment proceedings . If it is search related matter , the provisions of section 153A or 153C is applicable and not provisions of section 147 or 148 of the Act . Refer Shri Mohan Thakur v .ACIT (ITANo. 7413 /Mum/ 2017 dt 9… (read more)

As per section 143(2) read with section 153 of the Income-tax Act, 1961, the last date for passing of the Order for AY 2020-21 is March 31,2022. Any order passed after the last date will be time barred. As per section 143(2) read with section 153 of the Income-tax Act, 1961, the last date for… (read more)

The issue is debatable, It can be argued that the transaction of retirement of a partner and the corresponding book entries were completed before commencement of the new Law. Hence the new law is not applicable. (read more)

The Assessee cannot ask for a copy of the recorded reasons, as the same is provided in the form of "information" along with Notice under section 148A of the Act. Yes, the assessee has to object to the "information " which is in the possession of the Ld. AO. In our opinion, the concept of… (read more)

As per section 198 of the Income-tax Act, 1961, the assessee can offer the income to the extent of the TDS and claim a refund of the same. The Hon'ble ITAT - Mumbai Bench in the case of Shri Rangji Realties (P.) Ltd. v. ITO [2017] 82 taxmann.com 456 (Mumbai) held that where in course… (read more)

Tax Authorities can issue the fresh notice as per section 148A of the Act , by following the due process of law, if limitation period is not over. High Courts have quashed the notice issued under section 148 , only on the ground that provisions of section 148A of the Act are not complied with… (read more)