Section 147 of Income-Tax Act, 1961

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Section 147 of Income-Tax Act, 1961 deals with Income escaping assessment - General / Re-assessment

Related Cases

  • January 2012: Merely because assessee-society was engaged prima facie in banking activities did not disentitle assessing authority from issuing notice under section 147/148 and calling in question taxability of interest income on fixed deposits as 'Income from other sources' - [2012] 17 LNIN 131 (Rajasthan)
  • Titanor Components Ltd vs Assistant Commissioner of Income Tax (Bombay - Goa): AY 1997-98 LD/60/52: Read with Section 80IA: There is a well known difference a wrong claim made by an assessee after disclosing all true and material facts and a wrong claim made by assessee by withholding material facts fully and truly; it is only in latter case that Assessing Officer would be entitled to proceed under Section 147
  • The Cental India Electric Supply Co Ltd vs Income Tax Officer, January 28, 2011: Notice was served beyond a period of 8 years but within a period of 16 years. Satification of the board that it is a fit case for issue of notice is prerequisite; where a record stamp endorsement was made without assigning any reason and it was signed by under Secretary, satisfaction suffered from non-application of mind and would not meet perquisite condition for issuing notice beyond 8 years
  • April 2011: Inclusion of other items of income having earlier escaped assessment but coming to the notice of AO during course of proceedings under section 147 has got the sanction of law; As long as the reasons recorded by the AO before assuming jurisdiction u/s 147 exist fully or partly there cannot be any fetters on the powers of the AO to assess or reassess any other income also which earlier escaped assessment but comes to his notice during the course of proceedings under section 147 - [2011] 10 - 185 (Mum. - ITAT)
  • May 2011: Proviso to section 147 completely prohibits to take action beyond four years unless case is covered under exception mentioned in proviso itself; 2011 10-280-All
    • In view of proviso to section 147 no action can be taken under section 147 beyond the period of four years if the case does not fall within the exception of the proviso mentioned in the proviso itself namely, if there is no case of failure on the part of the assessee to disclose fully and truly all material facts which are necessary for assessment for the year of assessment etc.
    • Where case falls under the exception to proviso to section 147 and escaped income exceed rupees one lac the notice under section 148 can be issued beyond the period of 4 years but within 6 years under section 149(1)(b)
    • In case when the escaped income is less than rupees one lac the limitation to issue the notice under section 148 is only four years, even if the case falls under the exception of proviso to section 147 - [2011] 10-280 (All.)
  • Grant of certificate u/s. 197 cannot debar an Assessing Officer from initiating a proceeding u/s. 147
    • If any opinion is expressed at the time of grant of certificate u/s. 197, it is tentative or provisional or interim in nature and the same would not debar the Assessing Officer from initiating a proceeding u/s. 147 on the ground that there has been a change of opinion - [2011] 10-319 (Delhi)

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