1

Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib) 176
1

It is assessee’s choice to select a method for determining FMV of shares vide 81 ITR (Trib) (SN) 78
1

No TP adjustment of trade receivables in case of a debt-free company vide 81ITR (Trib) (SN) 94
1

To accord registration as a charitable institution under income tax dominant purpose must be charitable and satisfies the conditions laid down us 2(15) vide 426ITR108 despite having non charitable ancillary objects meant to achieve the dominant purpose
1

Transactions with dubious entities is reason enough for case reopening vide 421ITR624

Approach Courts of jurisdiction to fast-track reassessment

ByCA Gopal Nathani

Aug 20, 2022

Tax officer has powers to reassess a case if he gathers any information suggestive of income escapement. Case closure in such an instance could take a period upto 24 months depending on the date/month of issue of notice.

This period of 24 months is often like a situation of a sword hanging over the taxpayers head.

Taxpayers should ordinarily approach Courts of jurisdiction to fast track their case with the help and guidance of his Chartered Accountant and advocate.

The Court of Madras jurisdiction in the case of Fast Finance [2022] 446 ITR 378 (Mad) directed the tax officer to complete the reassessment within a period of 90 days from the date of receipt of the order since it was a decade old assessment reopening.