Tag Archives: Section 148

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 »

Caveat -Section 148A Code of Civil Procedure 1908

By | October 26, 2016

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 »

Territorial jurisdiction issue can’t be raised after 30 days issuance of reassessment notice

By | September 12, 2016

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 »

Functionality for generation of Scrutiny notice u/s 143(2)/148

By | August 2, 2016

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 »

If time limit for issue of scrutiny notice not expired, Income escaping notice couldn’t be issued

By | June 1, 2016

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 »

Assessment u/s 143(1), Reason to believe must for reassessment

By | April 15, 2016

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 »

Reasons recorded to be supplied for income which escaped assessment

By | October 20, 2015

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 »

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 »