As per provisions of section 144C(1) of the Act prior to amendment in Finance Act 2020, AO to pass a draft assessment order if he proposes to make any variation in the income or loss returned which is prejudicial to the interest of such assessee. In the Finance Act 2020 the words “income or loss returned” has been omitted. Consequent to amendment the section reads as any variation which is prejudicial to the interest of such assessee. what are the types of variations that is prejudicial to the interest of such assessee. The income returned is accepted, whether application of…
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THERE ARE 3 ASPECTS IN A CASE WHICH NEED CLARIFICATION - CAN AO ISSUE NOTICE U/S. 143(2) AND NOT ATTACH THE REASONS FOR REOPENING EVEN THOUGH IT IS MENTIONED IN THE NOTICE. AND AS AN AFTER THOUGHT SEND A NOTICE U/S. 142(1) WITH THE REASONS. CAN THAT MAKE THE NOTICE U/S. 143(2) INVALID AND WITHOUT APPLICATION OF MIND. SHOW CAUSE SENT ON SATURDAY NIGHT AT 9PM WITH A DUE DATE ON SUNDAY AND SUBMISSION BUTTON DISENGAGED ON MONDAY AND FINAL ASSESSMENT ORDER PASSED BY AFTERNOON OF MONDAY..... WONT THIS QUALIFY AS BEING AGAINST PRINCIPLES OF NATURAL JUSTICE.
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Assessee is a Trust running school, whose gross receipt falls under Rs. 5cr. For a.y. 23-24 the assessee trust filed it's ITR u/s 139(4C) belatedly on 30.10.23 and claimed exemption u/s 10(23c)(iiiad). In Schedule IE-4, following details were filled : Annual gross receipt - 50L Amount applied for objective - 48L Balance accumulated - 2L In Part B2 of Part B - TI : exemption amount claimed u/s 10(23C)(iiiad) - 2L Now, the assessee has received adjustment notice u/s 143(1)(a)(ii), which says : "Income due to disallowance of exemption under clauses of Section 10 entered at Sl No. 3 of…
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There was an extension of time limit for order as per section 143(3). What was the last date for this order
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Assessee is promoter and Developers. During the course of its business accepted the one time maintenance from the unit purchaser and disclosed as deposit liability in the audited financial statement. on the completion of project the amount is handed over to society or apartment .This policy and method has been followed by the assessee since last 10 years and also accepted in the assessment U/SEc. 143(3) of the Act. Under the Service Tax Act as well as under GST Act this amount is accepted as deposit and no tax has been levied. Assessee submitted that it is not business receipts…
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Assessee is partenrship Firm and case of the assessee is selected for scrutiny for the AO for A.Y. 2020-21. AO has issued Notice U/Sec.143(2) and 142(1) and served up the assessee in time. later on there was change in the Assessing officer and new officer has continued the assessment proceedings by issuing Notice U/Sec., 142(1), to which assesssee firm has responded time to time by submittiing the explanation and completed the assessment U/Sec. 143(3) by making certain addition. whether action of new AO of completing the assessment with out issuing fresh Notice U/sec. 143(2) is legally valid? if Not ,…
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Can Penalty u/s 271(1)(c) be imposed when the the assessment order does not record the initiation of penalty proceedings.Any caselaws on Section271(1B)?
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Assessee is an individual engaged in business of contract. In the year 2016-17 filed the ROI in time and claimed the TDS of Rs. 310000/-. During the course of assessment proceedings AO find that there is difference in the receipts disclosed in the profit and loss account and in statement 26AS of Rs. 62 lakhs . Assessee has given explanation that out of Rs 62 lakhs , 59 lakhs are receipts which are accounted in the year 2017_18 . AO made addition of Rs 3 lakhs and assessed income . In the year 2021, AO give notice U/Sec. 154 asking…
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During the course of assessment proceedings , for verification of Purchases called for information U/Sec. 133(6) from few parties at the flag end of assessment proceedings . Few parties responded and few not. Assessing Officer completed assessment by making addition of all purchases effected from these parties on the following grounds:: a. Parties have not responded therefore those are not genuine. b. Parties who have responded have not provided full information and provided details of their PAN and Financials alongwith account extract of assessee and confirm the amount of purchases . Whether action of Assessing Officer justified when a. He…
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when is the last day for the assesing officer to pass order for the financial year 2019-2020 for scrutiny under section 143(3). what happens if no order is passed by the due date . is any extension given beyond 31-03-2022 due to covid
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Section 144C(1) of the Income Tax Act