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The Court observed that no new material has been found by the Revenue which would warrant reopening the assessment. A reading of the notices will crystallize the fact that it has been issued merely based on a change of opinion.
In cases where a search is conducted after 31-03-2021, the first proviso to Section 153C (1) would have to be construed and tested as regards the date when the Assessing Officer decides to initiate action against the non-searched entity.
The Court quashed the notice of reassessment issued on 31-3-2023 as it surpassed the ten-year block as prescribed u/S first provision to Section of 148(1) of the Income Tax Act, 1961.
The Court evaluated Art. 5 of India-USA Double Tax Avoidance Agreement to determine whether Progress Rail has Permanent Establishment in Noida and Varanasi and whether reassessment proceeding can be initiated upon them or not.
The twin conditions, i.e., firstly, the order being erroneous and secondly, the order being prejudicial to the interest of revenue, must exist before power under Section 263 of the Income Tax Act, 1961 is exercised.
It is wholly insufficient to proceed to make an addition on the basis that CBIC is an apex body and information provided by it cannot be doubted, without even analyzing such information.
by Somesh Jain*
The provisions will come into force on 1-4-2024.
The High Court cautioned that if consideration of such artificial deductions is allowed, then in every petition under Section 125 of CrPC there would be tendency by the husband to show lesser salary with an intention to mislead the Courts so as to avoid giving maintenance.
“Once it is concluded that a live telecast will not fall within the ambit of the expression “work”, it will be wholly erroneous to hold that the income derived by the assessee in respect of “live feed” will fall within clause (v) of Explanation 2 to Section 9(1)(vi) of the Income Tax Act, 1961.”
“Earlier, the Bench had verbally observed that central assessment may be necessary if there were cross transactions between individuals.”
Corporate Laws — Company Law — Winding up and Liquidation — Overriding preferential payments: Dues towards customs duty i.e. government dues falling
“The Appellate Authority had allowed the appeal in the case of a different assessee, who had been carrying on the very same work of solid waste disposal in the very same Municipality.”
The case of the petitioner is quite elementary, and we are constrained to observe the complete apathy and negligent approach of the assessing officer concerned in discharging his duties, by the provisions of the Income Tax Act, 1961.
As per an additional affidavit submitted, the CBDT has provided the way, in the past and future, pending appeals are to be dealt with and disposed of expeditiously as well as a road map to dispose of pending appeals.
Justice Alok Aradhe was sworn in as Chief Justice of Telangana High Court on 23-07-2023 by the Governor Tamilisai Soundararajan. He succeeded Justice Ujjal Bhuyan who has been elevated as a Judge in the Supreme Court of India. Justice Aradhe has formerly served as Judge in Karnataka, Jammu and Kashmir and Madhya Pradesh High Courts.
Section 127 of IT Act to the extent it permits transfer from one Assessing Officer under a Principal Commissioner of Income Tax to another Assessing Officer under another Principal Commissioner of Income Tax who are holding non-concurrent charges remains untouched and continues to apply in its pristine form.
On 21-6-2023, the Ministry of Finance notified the Income-tax (Tenth Amendment) Rules, 2023 to amend the Income-tax Rules, 1962. Key Points: Rule
It is a well-accepted principal of tax jurisprudence that the Assessing Officer cannot sit on the armchair of a businessman assessee to replace his business strategy by his own whims and fancies