Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: cpt :: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: due date for vat payment
 
 
News Headlines »
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit

Income - Tax can reopen file if income not assessed properly
April, 26th 2011

The Delhi High Court has ruled that the Revenue can reopen the assessment proceedings on change of opinion that the income of the assessee has escaped assessment.

Such re-opening of the assessment by the Income Tax department is legal where no return has been filed by the assessee for the assessment year in dispute, high court said. The court rejected the plea of Areva T&D SA (now renamed as Areva T&D SAS) which had objected to reopening of the assessment proceedings for the year 2005-06.

It had said that the income of the assessee was assessed and appropriate orders were passed which can not be reopened on the ground of change of opinion of the assessing officer.

"On a conjoint reading of sections 195 and 197 of the act (Income Tax Act), we are of the view that if any opinion is expressed at the time of grant of certificate it is tentative or provisional or interim in nature and the same would not debar the assessing officer from initiating a proceeding under section 147 of the act on the ground that there has been a change of opinion," said a bench comprising Chief Justice Dopak Misra and Justice Sanjeev Khana in its judgement on Monday.

The assessee company was awarded four contracts encompassing Onshore supply, Onshore services and Offshore supply of the equipments by Power Grid Corporation of India (PGCIL). The contracts for Onshore supply and Onshore services were given on sub contract to Areva T&D Systems India at the same price at which the said contracts were awarded to the petitioner company by PGCIL.

The PGCIL had moved an application under section 195(2) of the IT Act, with regard to the payments to be made to the assessee. The Revenue passed orders for tax deduction only in respect of the payments made to the petitioner company on Offshore contract and Onshore services contract at 10% on gross basis in respect of the payment made for training charges and 10% on gross basis in respect of the payments made for maintenance and service charges respectively and on other payments, deduction was to be made at nil rate.

The petitioner company had been regularly filing applications under section 197(1) of the act with regard to the payments to be made by PGCIL to it under various contracts. The revenue had been issuing certificates for tax deduction at source.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions