Section 148 Income Tax Act 1961 of India as Amdnended by Finance Act 2022 Section 148 Income Tax Act is for Issue of notice where income has escaped assessment. CA satbir Singh (Contact us Taxheal@gmail.com ) Summary of Section 148 Income Tax Act Section 148 Income tax is used for issue of notice where income… Read More »
Madras High Court CIT Vs. M/s. Indian Potash Ltd. Tax Case Appeal No.1363 of 2008 Date of Judgement/Order : 11/09/2018 Related Assessment Year : 1998-99 This appeal filed by the Revenue is directed against the order passed by the Income Tax Appellate Tribunal Bench A, Chennai, in I.T.A.No.2025/Mds/2006, dated 14.03.2008 for the Assessment Year 1998-1999.… Read More »
Caveat Section – 148A, Code of Civil Procedure, 1908 Right to lodge a caveat.[Inserted by Amendment Act, 1976, w.e.f. 1-5-1977.] 148A . (1) Where an application is expected to be made or has been made, in a suit or proceeding instituted, or about to be instituted, in a Court, any person claiming a right to… Read More »
Held Section 124(3) stipulates a bar to any contention about lack of jurisdiction of an AO. It is not as if the provisions of the Act disable an assessee from contending that in the given circumstances the AO lacks jurisdiction; rather Section 124(3) limits the availability of those options at the threshold. The assessee upon… Read More »
DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 ITBA-Assessment Instruction No. 2 F.No. System/ITBA/Instruction/Assessment/16-17/177 Dated: 01/08/2016 To The Principal Chief Commissioners of Income-tax/ CCsIT (By Name) Ahmedabad/ Allahabad/ Amritsar/ Bangalore/ Baroda/ Bhopal/ Bhubaneshwar/ Bareilly/Chandigarh/ Chennai/ Cochin/ Coimbatore/ Dehradun/ Delhi/ Durgapur/ Guwahati/Huhli/ Hyderabad/ Indore/ Jaipur/ Jalpaiguri/ Jodhpur/ Kanpur/… Read More »
Note : Supreme court has also Dismissed SLP against the following order of P & H High Court vide SPECIAL LEAVE TO APPEAL (C) NO. 7723 OF 2016 Dated APRIL 25, 2016 HIGH COURT OF PUNJAB & HARYANA State Bank of Patiala v. Commissioner of Income-tax S.J. VAZIFDAR, ACTG. CJ. AND G.S. SANDHA WALIA, J. CWP… Read More »
IN THE ITAT CHANDIGARH BENCH Vardhman Holdings Ltd. v. Assistant Commissioner of Income-tax, Circle-1, Ludhiana H.L. KARWA, VICE-PRESIDENT AND MS. RANO JAIN, ACCOUNTANT MEMBER IT APPEAL NOS. 523 & 621 (CHD.) OF 2008 AND 1136 (CHD.) OF 2011 [ASSESSMENT YEAR 2002-03] MAY 5, 2016 Subhash Aggarwal and Vineet Jain for the Appellant. S.K. Mittal, DR… 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 »
Whether it is absolutely necessary that reasons recorded for formation of belief that income of assessee has escaped assessment, are supplied to assessee so that he may be in position to question legality of re-assessment proceedings initiated on all available grounds ? Held, yes Whether where Assessing Officer issued reassessment notice to assessee but reasons… Read More »
Facts of the Case :- Assessing Officer finalised assessment under section 143(3) .Assessing Officer issued notice under section 148 as Assessing Officer had reasons to believe that taxable income had escaped assessment . In reasons recorded by Assessing Officer, he stated that certain amounts remain untaxed because of non co-ordination between Departmental Officers. However, it… Read More »