After ITAT quashed order u/s 263 passed by pcit , AO issues notice u/s 154 on same point, what can be the remedy with Assessee? Does it partake contempt of order of ITAT ? any case law?
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We have filed a return u.s 148 in response to notice u.s 148, then what is the status of earlier return filed us 139?
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Can AO issue notice i/s 148A when notice u/s 263 is pending on same point ?
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THREE CO-OWNERS PURCHASED A PLOT OF LAND IN 2012 AND IT WAS SOLD IN 2017. ALL OF THEM DECLARED THE INCOME IN THEIR RETURNS WHICH WERE ACCEPTED U/S 143 (1) . NOW IN ONE CASE , THE ASSESSMENT IS REOPENED U/S 148 AND COST IS DISALLOWED AS PURCHASE DOCUMENT WAS NOT REGISTERED. IS THIS CORRECT ? PLEASE CITE CASE LAW, IF ANY BECAUSE IN OTHER 2 CASES ASSESSMENT HAS NOT BEEN REOPENED.
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Assessee received order u/s 148A(d) for A. Y. 2013-14 and 2014-15 of the Act within the time limit of 30 days from the date of reply given. However, in the said reply, the AO has not considered the detailed objections raised by the the assessee and also not provided all the information and documents relied upon as required by the decision of Hon’ble Court in the case of Ashish Agarwal, tough it is mentioned that same has been provided to the assessee. In the order u/s 148A(d) of the Act, the AO has stated that assessee’s request for copies of…
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Thanks for your response. Specially with reference to section 149(b) of the Finance Act 2021 "Only if the AO has in possession books of account or other document or evidence which reveal that the income chargeable to tax represented in the form of an asset, which has escaped assessment amount to or is likely to exceed fifty lakh rupee or more." for the purpose of clause (b) of this sub-section asset shall include immovable property being land and building or both, shares and securities, loans and advances, deposit in bank account. In our case Sale of share and corresponding exempted…
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In the present case for AY 2016-17, notice u/s 148 dt. 31/3/21 received through email on 1/4/21. Reassessment order dt. 31/3/22 passed appeal filed before CIT (A) on 9/4/22. Again notice u/s 148A(b) issued on 2/6/22 (stated as issued, as per the direction of SC decision in the case of Ashish Agarwal) along with the information and material (12 pages missing/3 pages not legible) relied upon for such reopening. The above information is received by the AO from the INSIGHT PORTAL, as flagged by the system as HIGH RISK CRIU/VRU. Now the AO has issued order u/s 148A(d) & notice…
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Assessee firm has made declaration under IDS for A.Y.2015-16 amounting to Rs. 3.30 cr. and has paid the installment of tax due on 30.11.2016, 30.03.2017 and 30.09.2017 , however due to mistake of CA , there was shortfall of Rs. 1313000/-, which he has paid on 3.10.2017. The assessee thought he had made the compliance of IDS. since the all the mail id of CA was given , assessee was not aware of the shortfall and proceedings completed by the AO U/Sec.147 r.w.s.144 r.w.s 144B on 22.03.22 , where in AO has taxed the entire amount disclosed under IDS amounting…
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Assessee is a partnership concern and duly assessed under Income Tax Act. For A.Y 2013-14, assessee received notice u/s 148 on 20.05.2021. The assessee filed a Writ petition before High Court. In view of the Supreme court decision in the case of Ashish Agarwal, the AO issued notice u/s 148A(b), the assessee has objected to the said issuance of notice and submitted that, "In the light of the amended law, section 149 provides the time limit for re-opening assessment u/s 147 of Income Tax Act 1961. The amended provision of section allows reopening the assessment for a period of 3…
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Assessee is an individual and partner in partnership firm engaged in the business of advertising. In the A.Y. 2008-09. Assessee has capital long term gain other than land and building amounting to Rs. 3.25 cr. Assessee has invested the entire amount for purchase of bungalow along with the land . The area of constructed bungalow is about 20000 sq.ft and area of land on which bungalow constructed is 60000 sq.ft Assessee has executed registered the Development Agreement and power of attorney by paying full stamp duty and also taken the possession of the said property. The assessee has not carried out…
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263 Revision