Intimation U/s 143(1) is not an assessment for the purposes of Section 147 and so it is not necessary for the AO to come across some fresh tangible material to form a belief that income has escaped assessment.
Short Overview of the SC judgement on taxability of surplus amount after revaluation of assets credited to partners’ capital account:
Rejected paddy seeds taxable at 5% under GST and not eligible for exemption as per Notfication No. 2/2017 CT (Rates)
Why costs should not be imposed on JCIT for in acting in reckless illegal Manner – Asked Rajasthan HC
Capital gain exemption if Sale deed not done within 2 years: Beneficial provisions must be liberal to accommodate rules laid down broadly to verify compliance and must not be interpreted literally.
SC issued Notice in SLP against HC dismissing the writ petition challenging reassessment proceedings under section 148.
No section 263 revision permissible without pointing out what inquiries/verification hadn’t been made by AO in original assessment: HC
Amounts paid within the period of three years but sale deed not executed: Taxpayer eligible for capital gain exemption U/s 54
Chartered Accountant can’t be prosecuted under the PMLA for the certificate issued in Form 15CB based on non-genuine documents submitted by the client: Madras HC
12AA application cannot be rejected by casting aspersions on the genuineness of the objects without any adverse findings: Delhi HC
