Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 25th of October, 2016 Order under section 119 of Income-tax Act, 1961 Subject: Issue of Intimation under section 143(1) of Income-tax Act, 1961 beyond the prescribed time in non-scrutiny cases-reg.- It has come to notice that… Read More »
Facts of the Case Return of Income Tax filed by the petitioner was accepted by virtue of Intimation under Section 143(1) of the Act .Thereafter the Notice u/s 148 was issued to the Assesses for reopening. Issue where assessment is completed by Intimation under Section 143(1) of the Act, there is no requirement for the… Read More »
Held The Commissioner erred in rejecting the application under section 264 holding that intimation under section 143(1) could not be regarded as an order and was thus not amenable to revisionary jurisdiction under section 264 of the Act. The Intimation under section 143(1) is regarded as an order for the purposes of section 264 of… Read More »
Facts of the Case The assessee is an individual. For the assessment year 1991-92, the assessee did not file his return. Notice under section 148 of the Act dated 22.2.1994 was issued by the Assessing Officer to the assessee for the purpose of bringing to tax a sum of Rs. 73,132/- which he had received… Read More »
Guidance Note on Reporting on Fraud u/s 143(12) of Companies Act 2013 The Council of the Institute of Chartered Accountants of India at its 350th meeting held on February 10, 2016 approved the Revised Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013. For the benefit of the members, complete… Read More »