S. 143(3) assessment on amalgamating company is a nullity. U/s 170(2) assessment has to be on successor. Mistake cannot be cured u/s 292B. Participation by amalgamating company is irrelevant as there is no estoppel against a statute
. 147/ 151: Sanction by the CIT with word "approved" without recording satisfaction note renders reopening invalid
(i) A simple reading of the provisions of Sec. 151(1) with the proviso clearly show that no such notice shall be issued unless the Commissioner is satisfied on the reasons recorded by the AO that it is a fit case for the issue of notice which means that the satisfaction of the Commissioner is paramount […] Case Law: ITO vs. N. C. Cables Ltd (ITAT Delhi)
S. 147 Reopening solely on the basis of information received from the investigation wing & without independent application of mind is void
The AO proceeded to initiate proceedings u/s 147 of the Act and to issue notice u/s 148 of the Act on the basis of information received from Investigation Wing of the department in the form of a CD prepared by Shri Sanjay Shah and Shri Vishesh Prakash, ITOs of Unit V, New Delhi. Subsequently, the […] Case Law: ACIT vs. Devesh Kumar (ITAT Delhi)
HC directs revenue to decide on merits as to whether cash seized during search could be treated as advance tax
November 14, 2014[2014] 49 taxmann.com 384 (Jharkhand)
IT: Where assessee vide its letters on 6-12-2012 and again on 8-1-2013 requested department to treat cash seized during course of search as advance tax from date of seizure itself, application of assessee should be considered in accordance with provisions of Act
Seller wasn't TCS defaulter if buyer had paid taxed after considering purchases made from seller
November 14, 2014[2014] 49 taxmann.com 509 (Ahmedabad - Trib.)/[2014] 66 SOT 33 (Ahmedabad - Trib.)(URO)
IT : Assessee company could not be treated as assessee in default for not collecting TCS from its buyers from whom assessee had received declaration as per section 206C(1A)
IT : Where buyers had paid tax on their income and such income had been assessed after taking into consideration purchases made from assessee, tax could not be again collected from assessee on non-collection or short-collection of TCS
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