Participating in reassessment proceedings and implications
Having participated in the assessment proceedings the taxpayer cannot invoke extra ordinary justification of the Court to challenge any notice…
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Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
AO cannot ignore Adjournment request @ Income Tax Portal
In [2022] 440 ITR 607 (Mad) an order of assessment was passed without taking note of the request of the…
......Read MoreTaxpayer can make good deficiencies in reassessment proceedings
In[2020] 15 ITR-OL 729 (MP) the revenue audit party pointed certain deficiencies in the taxpayers computation as regard claim for…
......Read MoreReopening qua short deduction of tax on payments to non residents
The disallowance scheme of section 40 come into effect as soon as there is any instance of default in deduction…
......Read MoreLimited scrutiny is to be limited to the core issue for case selection and no further
Section 68 is an inquiry section into the genuineness of sources of cash credits, which could be in the form…
......Read MoreNon reporting of TDS may invite reopening of assessment
The AO in (2021) 439ITR719 ( Vedanta case) reopened a completed assessment for the sole reason that there is nothing…
......Read MoreRevenue at huge loss to the exchequer for failing to follow restriction under proviso to section 147 while issuing notice u/s148.
Section 147 provide an opportunity to revenue to reopen an assessment even after a gap of 4 years subject to…
......Read MoreWhether it is fair to reopen assessment on dynamic 26AS?
26AS with its dynamic character may see changes post filing of income tax return and such changes may lead to…
......Read MoreOnly Bona fide mistake curable u/s292B
Under the law in the case of a merger situation if a notice is issued to an erstwhile company, the…
......Read MoreEssentials to assessment
Opportunity to taxpayer and consideration of evidence are two basic essentials to income tax assessment mechanism. These two subjects to…
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