Judgements Uploaded By Users In Category: Income-Tax Act
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The Bombay High Court has held that Mistake in Recorded reason- No reason to believe - Approval u/s 151 is mechanical. A mistake in recorded reason could certainly not be the reason to believe that petitioner’s income has escaped assessment. Approval under Section 151 of the Act also has been given on the same reasons, which would also indicate total non application… Read More ...
The Supreme Court has held that S. 147 : Reassessment-Beyond four years-Tangible material-Reason to believe-In the form of documents, relevant to the issue -Sufficiency of that material cannot dictate the validity of the notice. [S. 148] Where the “reasons to believe” forming part of the Section 147 of the Act, clearly point to the fact that the reopening of assessment was… Read More ...
The Bombay High Court has held that S. 151 : Reassessment-After the expiry of four years-Limitation-Sanction-Sanction by Additional Commissioner instead of Principal Commissioner-Taxation and other laws (Relaxation of certain Provisions) Act, 2020 only extended period of limitation and not for approval by the competent Authority-Sanction by Additional Commissioner was held to be bad in law-Reassessment notice was quashed. [S. 147, 148, Art.… Read More ...
The Supreme Court has held that S. 143(3): Assessment-Order passed in the name of non-existent amalgamating entity-valid. [Companies Act, 1956, S. 394, 481] It was held that corporate death upon amalgamation does not invalidate assessment as after amalgamation, the amalgamating entity is treated as a continuing one, and any benefits, by way of carry forward of losses (of the transferor company),… Read More ...
The ITAT, B Bench Kolkata has held that Failure on the part of SO to deliver copy of reason to believe to assessee within prescribed time of 6 years ending on 31.3.2015,to raise objection to reopen the legally closed assessment u/s 143(3) of IT Act 1961,is bad in law and against law of natural justice, not sustainable in the eye of law, further… Read More ...
The Mumbai Tribunal has held that Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015. S. 43 : Penalty for failure to furnish return of income an information, or furnish inaccurate particulars about an asset (including interest in any entity) located outside India- Foreign Bank Account-Signatory for late Mother-Amount was donated to the Charity-Not beneficial owner-Mere no… Read More ...
The Supreme court has held that PCIT(Central-2) Vs Mahagun Realtors Pvt ltd(Supreme Court) Date-5th April, 2022 Sub- Assessment order issued in the name of Amalgamating company post amalgamation upheld, department’s SLP allowed, decision in the case of CIT Vs Spice Infotainment Ltd and PCIT Vs Maruti Suzuki India Limited distinguished. The issue regarding assessment in the name of amalgamating company having… Read More ...
The Chattisgarh High Court has held that Jugal Kishore Paliwal Vs ITO/NFAC(Chattisgarh High Court) Date-1st April,2022 Sub- Reassessment notice u/s 148 on account of bogus purchases of Rice, Defects alleged in Sanction u/s 151, issue of notice and reasons recorded- Writ dismissed The Single bench of Chattisgarh High Court in this case was dealing with multiple Writ petitions it appears of the… Read More ...
The ITAT, Delhi has held that The main issue before is, firstly, whether the assessee can challenge the validity of assessment order during the revisionary proceedings and also the validity of reopening u/s.147 when it was not challenged by the assessee; and secondly, whether the reopening based on the reasons recorded by the Assessing Officer itself was bad in law or… Read More ...
The Income tax Appellate Tribunal Delhi Benches has held that Young Indians Vs ACIT(E) Date-31st March 2022 Forum-Income-tax Appellate Tribunal Delhi Benches Sub- Whether a charitable Trust/ Institutions can surrender its registration at any time suo moto without the approval of Tax authorities and many other matters including reassessment, loan of Rs 1 crore from entity operated by Kolkata entry operator as well as the… Read More ...