Answers On Topic: Re assessment
Survey u/s 133A took place at the premises of builder on 19.03.2019, wherein a diary containing details of on-money received by the said builder was found. On the basis of noting on the said diary, the assessments were completed in the hands of the builder for A.Y 2013-14 to A.Y 2017-18, wherein the additions about the on-money were made. The additions made by the AO were confirmed by the CIT(A) as well as the Tribunal. AO relying upon an explanation 1(v) to section 148, has issued notice u/s 148A to the purchasers of the flats/shops from the builder on the…
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Assessee is a partnership firm, which filed its return of income for A.Y 2015-16 on due date. The said return was selected for scrutiny and assessment u/s 143(3) was completed accepting the returned income. On the basis of information available for the past years where 25% of vehicle expenses were disallowed on account of personal nature. In the assessment completed u/s 143(3) for A.Y 2015-16, no such disallowance was made. Based on this information, AO re-opened the concluded proceedings by issuing notice u/s 148 relying upon provisions of section 148 and 149(1)(b) of the Act. Assessee is of the view…
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what is time limit applicable for issue of notice today u/s 149 as amended by Finance act 2022, after considering god fathering provisions, is it 1/4/15 or 1/4/2011/12.
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Notice under the above referred section was issued on 11/03/2022 for reply on or before 17/03/2022 Whether the aforesaid notice which allows less that 7 days time is valid? Whether the plea of invalid notice can be taken after issue of notice u/s 148 ? Whether the plea of invalid notice can be taken in appeal ? Whether on this plea the proceedings of re- assessment can be held invalid ? Thanks & Regards
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Whether show cause notice issued u/s 148A(b) on or after 28.04.2022 is valid or not.. is a question to ponder over, of late, as IT department is issuing the said notices rampantly. For this purpose let us first examine the third proviso to sec 149 which reads as under…. [i]Provided also that for the purposes of computing the period of limitation as per this section, the time or extended time allowed to the assessee, as per show-cause notice issued under clause (b) of section 148A or the period during which the proceeding under section 148A is stayed by an order or…
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Section 148A of Income Tax Act