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There Cannot Be 'Disconnect' Between Reasons For Initiating Reassessment U/S 147 Of IT Act & Grounds On Which Final Order Is Passed: Delhi HC

The Delhi High Court has held that only 'original reasons' which formed the basis for initiating reassessment proceedings under Section 147 of the Income Tax Act can be taken into consideration by the Assessing Officer, for coming to the conclusion that income had escaped assessment. A division bench of Justice Yashwant Varma Hon'ble Mr. Justice Dharmesh Sharma observed that there …

The Allahabad High Court has held that computation of correct input tax credit can only be done till the passing of the regular assessment order by the Assessing Authority and not at a later stage. Section 29 of the UPVAT Act empowers the Assessing Authority to initiate reassessment proceedings against an assesee if there is “reason to believe” that whole …

[Income Tax Act] Supreme Court Decision In UOI v. Ashish Agarwal Applicable To Parties Who Challenged Notice U/S 148: Allahabad High Court

The Allahabad High Court has held that Supreme Court in Union of India v. Ashish Agarwal had not issued a general mandamus quashing all notices issued under Section 148 of the Income Tax Act, 1961. In Union of India v. Ashish Agarwal, the Union Government had challenged the order of the Allahabad High Court quashing the reassessment notices issued by …

Act

The Allahabad High Court ruled that the Taxation and Other Laws Act, 2020 cannot be used to conduct the reassessment proceedings beyond March 30, 2021. The Enabling Act does not and could not save the pre-existing Sections 147, 148, and 151 of the Income Tax Act pertaining to reassessment, and no overriding effect could arise or be given to the …

The Delhi High Court has stayed the reassessment order based on an internal audit objection.The division bench of Justice Rajiv Shadher and Justice Tara Vitasta Ganju has observed that the expression "any audit objection" was introduced only by the Finance Act, 2022, although with effect from April 1, 2012. The Delhi High Court has stayed the reassessment order based on …

Direct Tax: Delhi High Court: Underreporting Of Income Due To Re-Computation Of Disallowance By The AO, Does Not Amount To Misreporting Of Income: Delhi High Court Case Title: Prem Brothers Infrastructure LLP. Notice Issued Under Section 148 Of The Income Tax Act Against ADeceased Assessee Is Invalid : Reiterates Delhi High Court Case Title: Davinder Singh Thapar versus Assistant Commissioner …

Reassessment Proceedings Can't Be Initiated On Same Set Of Facts Available: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal has held that the reassessment proceedings cannot be initiated by applying a fresh application of mind to the same set of facts available at the time of the original scrutiny assessment proceedings. The Assessing Officer issued the notice under section 148 of the Income Tax Act, initiating the reassessment proceedings in …

Taxation Relaxation Act Doesn't Sanction Applying Repealed Provisions : Madras HC Sets Aside Reassessment Notices U/S 148 Of Old Income Tax Act

The Madras High Court has recently set aside a number of reassessment notices issued under the 1961 Income Tax Act by iterating that the Taxation Relaxation Act, 2020 only extends the period of limitation and not the application of repealed provisions in light of the amended provisions effective from 1st April, 2021.The first bench of Acting Chief Justice Munishwar Nath …

Income Tax Act

Taxation Relaxation Act Does Not Validate Reassessment Notices Issued Under Old Income Tax Act Regime : Delhi High Court Quashes 1.3K Notices

The Delhi High Court on Wednesday held that sec. The petitioners-assessees also sought a declaration for declaring Explanations A/A to the Notification dated 31st March, 2021 and Notification dated 27th April, 2021 to the extent that they extend the applicability of the "provisions of Section 148, Section 149 and Section 151 of the Act, as the case may be, as …