Income Tax Cases – disallowance of expenses – assessment u/s 143 – deemed income u/s 9(1)(iii) related to technical fees - rules of natural justice for making assessment order – estimated income on the basis of blank and cancelled bills

Income Tax Cases – disallowance of expenses – assessment u/s 143 – deemed income u/s 9(1)(iii) related to technical fees - rules of natural justice for making assessment order – estimated income on the basis of blank and cancelled bills https://www.taxtmi.com/news?id=435 Assessment procedure requires limiting reopenings to issues legitimately remanded; Assessing Officers must conduct adequate inquiry and observe rules of natural justice before estimating income from blank or cancelled bills. Material found during surveys may support regular assessment if confronted to the assessee without causing prejudice. Distinctions between technical fees and project or salary like receipts determine tax characterisation; administrative waiver decisions must state reasons, and assessments based on unverified acceptance of the assessee's version risk being erroneous and prejudicial. en-us Thu, 15 May 2008 21:58:00 +0530 Mon, 23 Jun 2008 10:31:00 +0530 TaxTMI RSS Generator Income Tax Cases – disallowance of expenses – assessment u/s 143 – deemed income u/s 9(1)(iii) related to technical fees - rules of natural justice for making assessment order – estimated income on the basis of blank and cancelled bills https://www.taxtmi.com/news?id=435 Assessment procedure requires limiting reopenings to issues legitimately remanded; Assessing Officers must conduct adequate inquiry and observe rules of natural justice before estimating income from blank or cancelled bills. Material found during surveys may support regular assessment if confronted to the assessee without causing prejudice. Distinctions between technical fees and project or salary like receipts determine tax characterisation; administrative waiver decisions must state reasons, and assessments based on unverified acceptance of the assessee's version risk being erroneous and prejudicial. News - Thu, 15 May 2008 21:58:00 +0530 https://www.taxtmi.com/news?id=435