Tag Archives: Reassessment

Complete Guide to REASSESSMENT u/s 148 of the Income Tax Act, 1961

By | September 15, 2019

Complete Guide to REASSESSMENT u/s 148 of the Income Tax Act, 1961 by RAMESH K. PATODIA (Author) Price Rs 535  Click here to buy online Paperback: 408 pages Publisher: BHARAT LAW HOUSE PVT LTD; 1st edition (2019) About Complete Guide to REASSESSMENT u/s 148 of the Income Tax Act, 1961 Chapter 1       Analysis of statutory provisions relating to reassessment under the Income-tax… Read More »

No Reassessment if provision for bad & doubtful debts is disclosed in ITR : HC

By | April 19, 2019

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 »

No Reassessment if ITR not filed due to Loss from trading in Commodity Exchange :HC

By | February 26, 2019

  HIGH COURT OF BOMBAY Mohanlal Champalal Jain v. Income Tax Officer, Ward 1(2), Thane AKIL KURESHI AND M. S. SANKLECHA, JJ. WRIT PETITION NO. 3629 OF 2018 JANUARY  31, 2019 Devendra H. Jain for the Petitioner. Sham Walve for the Respondent. ORDER 1. The petitioner has challenged a notice of reopening of assessment dated 28.3.2018 issued by respondent No.… Read More »

No reassessment on basis of objections raised by audit party : Bombay HC : Dated 24.04.2018

By | May 23, 2018

 The reasons recorded in support of the impugned notice was merely on the basis of borrowed satisfaction of the audit party. This also makes the impugned notice bad. HIGH COURT OF BOMBAY Commissioner of Income-tax-14, Mumbai v. Shankardas B. Pahajani M.S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NO. 1432 OF 2007 APRIL  24, 2018 P.C.… Read More »

Notice issued prior to recording reasons for reassessment liable to set aside: Delhi High Court

By | November 30, 2015

Facts of the Case:- GKN Driveshafts (India) Ltd’s case , the Supreme Court had directed as under:— “However, we clarify that when a notice under Section 148 of the Income-tax Act is issued, the proper course of action for the noticee is to file return and if he so desires, to seek reasons for issuing… Read More »

AO could not issue reassessment Notice if he did not have jurisdiction over assessee

By | October 31, 2015

Assessment year 2010-11 Facts of the case: One of income-tax officers was designated to collect AIR information and to make necessary enqury .Designated officer having received information from AIR, issued notice under section 148 to assessee . He also made an attempt to frame assessment over assessee .When assessee raised objection about his jurisdiction over… Read More »

No reassessment because income remained untaxed due to non coordination between departmental officers

By | October 16, 2015

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 »

Reassessment at instance of audit party unjustified

By | October 11, 2015

Whether reassessment at instance of audit party on account of non-inclusion of excise duty refund in total income was unjustified ? Held, yes HIGH COURT OF GUJARAT Raajratna Metal Industries Ltd. v. Assistant Commissioner of Income-tax M.R. SHAH AND K.J. THAKER, JJ. SPECIAL CIVIL APPLICATION NO. 7140 OF 2014 JULY  30, 2014 B.S. Soparkar for… Read More »