Can Penalty Be Levied U/s. 271(1)(c) For Claim Made But Not Accepted By AO?
The Orissa High Court in Orissa Rural Housing Development Corporation Ltd. v. ACIT [343 ITR 316] has held “Law is well settled that when the statute requires a certain thing to be done in a certain way, the thing must be done in that way or not at all. Other methods or modes of performance are impliedly and necessarily forbidden.
Can Penalty Be Levied U/s. 271(1)(c), If Assessment Is Completed U/s. 115JB?
In CIT v. Nalwa Sons Investments Ltd., [327 ITR 543 (Del.)] the facts were the assessee filed return declaring loss of Rs. 43.47 crores. Thereafter, the revised return exhibiting the income at Rs. 3.87 crores were filed under provisions of section 115JB
When Can Assessee Apply For Revision U/s. 264?
From the facts it is not clear for which assessment year the intimation was issued under section 143(1) of the Act and whether assessment under section 143(3) is pending or not? Further date of intimation is also not mentioned.
Is It Necessary To Have Partition Order In Case HUF Has Partitioned?
S. 171(3) of the Act mandates that on a claim being put forward under this section, the Assessing Officer shall hold an enquiry. Such enquiry shall be made as part of assessment proceedings. On completion of the enquiry
Who Has To Issue Demand Notice U/s. 156?
Yes, there is no restriction. S. 156 of the Act, clearly provides that when any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under this Act, Assessing Officer shall serve upon the assessee
What Is The Time Limit For Completing The Assessment U/s. 153C?
Section 153B provides time limit for completion of assessment under section 153A. Time limit for completion of assessment for all seven years i.e. preceding six years and the year of search, is two years from the end of the financial year in which last of the authorisation for search under section 132
Whether Assessment On The Basis Of Notice, Which Was Issued Beyond Prescribed Period Is Valid?
Similar question arose before the Special Bench in Kuber Tobacco Products Pvt. Ltd. vs. DCIT, [28 SOT 292 (Del.) (SB)], wherein the Hon’ble Tribunal held that section 292BB is substantial provision. Initiation of assessment proceeding require issuance of under section 143(2) which is a right vested in the assessee and the said right has been taken away by the provision of section
Can Assessment Be Reopened Or Rectified On The Basis Of Valuation Report Of DVO?
The Calcutta High Court in Saharanpur Light Railway Co. Ltd. vs. CIT [208 ITR 882] has observed that the Assessing Officer loses his power in the matter of valuation only when the Valuation Officer makes a report, the power of valuation has to revert to the Assessing Officer, unless the Valuation Officer sends his report, there is no bar on the Assessing Officer’s