The Explanation to section 73 actually not the definition of Speculation under Income Tax Act , but only a deeming fictaion by which in case of companies the meaning of speculation is enclarged to include even delvery based share tranaction. Facts Related to Reassessment Case under Section 147 The assessee filed return on 30-12-1991 disclosing [...]
If A.O Objects to Audit, Notice U/s 148 Can’t Be Issued !
October 2, 2012 by Leave a Comment
Audit objections to assessment orders are very routine and equally routine is the manner in which these audit observation is handled within the tax department. Usually , the assessing officer first do not agree with the observation of audit objection, but later on account of CBDT instraution and guideline, issue notice u/s 148 on the [...]
Reasons Recorded For Issue of Notice u/s 148 Must Be Given to Assessee.
October 1, 2012 by Leave a Comment
The reasons for reopening has to be supplied to assessee when the assessee demands after filing a return in compliance to the notice served u/s 148 of the Income Tax Act. If the A.O does not give the reasons , if demanded by the assessee, it is violation of the Supreme Court judgement in GKN [...]
If Reassessment Objected, A.O Must Dispose of The Objection : Mumbai HC
October 1, 2012 by Leave a Comment
The Mumbai High Court in IOT Infrastructure and Eng. Services Ltd vs ACIT 329 ITR 547 (BOM.)/[2010] made the ruling clear that if assessing officer does not supply the reasons recorded for reopening the assessment u/s 147 of the Income Tax Act. Facts Related to Reassessment Case under Section 147 In the present ease the [...]
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