The directive given on August 23 states that only those cases will not be re-opened and re-assessed where the decision of the appellate authorities has become final.
The Income Tax Department is preparing to re-open some old and big cases. Keeping this in mind, the Central Board of Direct Taxes (CBDT) has given necessary instructions to the tax officers. The directive given on August 23 states that only those cases will not be re-opened and re-assessed where the decision of the appellate authorities has become final.
Relief in which cases: In a Times of India report, Supreme Court lawyer Deepak Joshi said that the good thing about the latest CBDT directive is that at least those cases will not be touched, the appeals related to which are before the appellate authorities. is not pending and the proceedings have reached the final stage before the Supreme Court’s decision in the month of April. According to Deepak Joshi, this is probably another round of litigation for some taxpayers.
Explain that in the month of April, the Supreme Court, while hearing the Principal Commissioner of Income Tax vs. Abhisar Buildwell Pvt. Can’t increase the income of taxpayers. Section 153A lays down the procedure for ascertaining the earnings of a person against whom search has been conducted. Its purpose is to bring undisclosed income under the tax net.
What it means: However, the Supreme Court had further said that re-assessment can be done if the conditions under section 147/148 are fulfilled. Explain that the Income Tax Department has the right to review the income tax return already submitted by a person under section 147. Any taxable income assessed under section 148 has not been assessed in accordance with the principles of the Act.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
