TaxTMI 
TaxTMI 
2026 (1) TMI 604
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....e to Foreign Tax and Tax Research (FT & TR) division of CBDT for seeking certain information from Singapore tax authorities regarding the Assessee herein and that the Learned AO would get extended time for framing of assessment which fact has not been appreciated by the Learned CITA while quashing the assessment as barred by limitation. This goes to the root of the matter and hence, we deem it fit to address the same first. 3. We have heard the rival submissions and perused the materials available on record. The assessee is an individual and had furnished his return of income for the assessment year 2020-21 electronically on 8-1- 2021 under section 139(1) of the Act declaring total income of Rs 5,41,98,020 and claiming carry forward of losses of Rs 1,14,76,791. The return was selected for complete scrutiny on various issues and one such issue flagged by the system was verification of Foreign Financial Interest of the Assessee. The Assessee is also a partner in the following firms:- a) GROX (PAN - AAOFG6955C) and b) SS Medtech (PAN - ADXFS1381C). 4. During the year, the assessee has shown income from letting out his properties, capital gains and other sources....
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....ord by the revenue before us duly confirming the fact as to whether the proposal of the Technical Unit of Assessment had been accepted by the Joint Secretary, FT & TR-II and that any reference was indeed actually made by the Joint Secretary, FT & TR-II to Singapore Tax Authorities. Only if the actual reference is made by the Joint Secretary, FT & TR-II, the Learned AO would get extended time limit as per section 153 of the Act. For the sake of convenience, the relevant provisions of Explanation 1 to section 153 of the Act which provides for the period to be excluded are reproduced below:- "For the purposes of this section, in computing the period of limitation - (x) the period commencing from the date of which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information requested is last received by the Principal Commissioner or Commissioner or a period of one year, whichever is less; Shall be excluded 8. Hence on perusal of the aforesaid provisions of Explanation 1 clause (x) to Section 153 of the Act, i....
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....ts :- Query: - Factual report is sought by the ITAT on the following grounds of appeal raised by the department during appellate proceeding before ITAT :- "Whether un the facts and circumstances of the case, the Ld. CITYA) was justified in holding that the assessment has been completed beyond the time limit without appreciating the fact that the time limit for completion of assessment is extended for the cuses which are referred to FT & TR Division of ('BDT jur seeking information." Reply :- In the instant case, a letter to the Joint Secretary, FT & TR-II was sent on 26/09/2022 for seeking the information under the provisions of tax treaties from Singapore. The time limit date for passing of assessment order in the said case expires un 30.09.2022. However, consequent to the EOI request, the limitation date may be extended appropriately under the income tax Act. 1961. Since, the case was referred to FI & TR for seeking information under the provisions of tas treaties; the time limit for completion of assessment is extended till the information so requested is received by the Commissioner or a period of one year, whichever is less. "Further. it is important to note that e....
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....576689 . CONTACT Details of Range head Name and designation Shri Arun Bhowmick, IRS JCIT AU-5(3) KOLKATA Address Room No- 2/8, Aaykar Bhawan (Annexe Building) P-13 Chowringhee Square, Kolkata -700069 Email [email protected] Telephone and Fax 8762301126 5 Contact details of Pr.CIT /Commissioner of Income- tax/Pr.DIT/DIT Concerned INCO Name and designation SHRI SHANTANU DHAMIJA, IRS PCIT AU-5 KOLAKTA Address Room no- 2/9, Aaykar Bhawan (Annexe Building) P-13 Chowringhee Square, Kolkata -700069 Email [email protected] Telephone and Fax 9810088988 6 Name of the foreign taxpayer/holder of information if referred to in the request DBS Bank Singapore Name of the foreign taxpayer/holder of information if referred to in the request PART II OF FORM A Request for information from :- Singapore 1 To DBS BANK LIMTED SINGAPORE 2 Form CBDT, NEW DELHI, INDIA 3 Contact person Name and designation Document 4 Address Email Telephone and Fax 14 Legal Basis ARTICLE OF DATA BETWEEN INDIA AND SINGAPORE 5 Reference numbers and realted matters INCON JE TA Referecne number Yes { } No {* } Initial request If ....
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....and enforcement of tax claims { } investigation or prospecution of tax mattters K } others (Please Specify) Document 6 13 Information requested BANK ACCOUNT STATEMENT AS PER SERIAL NO 15 14 Ground for believing that the requested information is held in the requested jurisdiction or is within the possession of control of a person within the jurisdication reason for selection of the case. Information provided by the assessee in the income tax return filed by him for the Assessment Year 2020-21 and 15 Name and address of any person believed to be in possession of the information requested (to the extent known) BRANCH HEAD DSB BANK LIMTED 65 - SINGAPORE BANK ACCOUNT TRANSACTION, A/C NO 1130000000/- AND SBI PRE BOND WITH THE SAME ADDRESS and same bank BANK DBS LIMTED SINGAPORE ADDRESS ;- 12, Marina boulevard, Marina Bay Financial centre tower 3 Singapore ZIP CODE :- 18982 16 Form, if any in which information is requested For copies of docuemnts what type of authentication, if any is requested - Signature of the bank authority and proper seal of the bank Other form requirements, if any 17 Transaltion of reply requested Please check the box { } yes { * } No Lang....