Home Highlights October 2011 Year 2011 This

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1. Reopening of assessment u/s 147 - Notice issued on the basis of statement recorded during survey u/s 133A - The High court observed that the survey conducted led to...

2. The provisions relating to assessment and reassessment under the Act are proposed to be rationalized. Key amendments include: substituting sections 148 and 148A to...

3. Dishonour of Cheque - validity of notice issued - as in the notice which was issued after the bouncing of the cheque, there was no demand of the amount of the bounced...

4. Addition based on survey proceeding - Unexplained stock of gold and silver jewellery - The statement given during the course of survey is not a statement on oath as...

5. Validity of the assessment framed u/s 147 - Proof of service of notice - There was no valid service of notice u/s 148 of the Act in the present case. The finding of the...

6. Retraction of statement given during survey - evidentiary value of statement recorded u/s 131 - Despite the retraction, the initial findings of the CIT(A) were largely...

7. Validity of Survey proceedings u/s 133A conducted in absence of assessee - Manner of conducting survey u/s 133A - There was a time gap of more than 3 ½ years between the...

8. Penalty u/s 271(1)(c) - There cannot be a penalty merely on the basis that the assessee has disclosed income after receiving the notice from the ADIT and the income was...

9. Reopening of assessment u/s 147 - For section 292BB to apply, the notice must have emanated from the Department. It is only the infirmities in the manner of service of...

10. Validity of reassessment proceedings - Reason to believe - The tribunal found that there was sufficient "reason to believe" that income had escaped assessment due to the...

11. Reopening of assessment u/s 147 was based on reasons to believe the difference between total cash sales and cash sales reflected in books. Held: Reopening was made only...

12. Classification of imported goods - medical grade monitor - to be classified under heading 8529 of First Schedule to Customs Tariff Act, 1975 - monitors of every kind...

13. Validity of reopening of assessment - The High Court found that the Assessing Officer issued the notice based on the survey action on Jammu & Kashmir Bank, conducted...

14. Maintainability of writ petition - alternative and efficacious mechanism - Inordinate delay in issue of Show cause notice (around 16 years) - Issuance of Global...

15. Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked...