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Documents relating to proof of deduction under Section 54F of the Act; Bank statement showing payment for above deduction; Statement justifying sale consideration; Working of capital gain were all furnished by the assessee.
“There is no dispute regarding explanation given under Section 148 regarding information that can be relied upon by the Assessing Officer to reopen assessment of escaped income.”
“In criminal trials certificate in terms of Section 65-B of the Act is to filed before commencement of the trial. However, the Trial Court, in its discretion, after examining any application by the prosecution under Sections 91 or 311 CrPC or Section 165 of the Evidence, may permit production of such certificate at any stage of the trial if no irreversible prejudice is caused to the accused”
“It is only once the Assessing Officer of the non-searched entity is satisfied that the material coming into its possession is likely to “have a bearing on the determination of the total income” that a notice under Section 153C would be issued.”
“If the Appellate Tribunal under Bihar Goods and Services Tax, 2017 is constituted and an appeal is filed there can be no further proceedings taken for recovery of the balance amounts till the appeal is disposed of.”
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.
Allahabad High Court has said that notice under Section 263 was prepared and uploaded on 28-03-2022 and the same was received on the fixed date and the impugned order dated 31-03-2022 has been passed in gross violation of the principles of natural justice.
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.
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
The Revenue had submitted that the Assessing Officer is competent to consider all the material that is available on record, including that found during the search, and make an assessment of ‘total income’. While some of the High Courts agreed with the said proposition, some disagreed. The Supreme Court was, hence, called upon to resolve the conundrum.
“The intention of the legislature is very clear and unambiguous that the moment any eventuality as mentioned in Section 45(5) occurs, the penalty shall be leviable as mentioned in sub-section (6) of Section 45 of the Gujarat Sales tax Act, 1969”, the Supreme Court observed.
The Supreme Court stated that the erroneous assessment order had resulted in loss of the Revenue in the form of tax. Thus, the High Court had committed a very serious error in setting aside the order passed by the Commissioner passed in exercise of powers under Section 263 of the Income Tax Act.
It is a trite law that the reasons, as recorded for reopening the reassessment, are to be examined on a standalone basis to determine the validity of proceedings under section 147 IT Act.
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