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Salem Sree Ramavilas Chit Company vs. DCIT (Madras High Court)
S. 143(3): While E-Assessment without human interaction is laudable, such proceedings can lead to erroneous assessment if officers are not able to understand the transactions and accounts of an assessee without a personal hearing. Assessment proceeding under the changed scenario would require proper determination of facts by proper exchange and flow of correspondence between the assessee and the AO. The AO should at least call for an explanation in writing before proceeding to conclude that the amount collected by the assessee was unusual. Also, since the assessment proceedings no longer involve human interaction and is based on records alone, the assessment proceeding should have commenced much earlier so that before passing assessment order, the AO could have come to a definite conclusion on facts after fully understanding the nature of business of the assessee The Government of India has introduced E-Governance for conduct of assessment proceedings electronically. It is a laudable steps taken by the Income Tax Department to pave way for an objective assessment without human interaction. At the same time, such proceedings can lead to erroneous assessment if officers are not able to understand the transactions and statement of accounts of an assessee without a personal hearing. The respondent should have to be therefore at least called for an explanation in writing before proceeding to conclude that the amount collected by the petitioner was unusual
FAQs On The Direct Tax Vivad Se Vishwas Bill, 2020 By Experts
CAs Ketan Ved, Urvi Mehta & Shraddha Jain have answered a few core questions that have arisen in the minds of taxpayers and tax professionals with regard to the interpretation of the Vivad Se Vishwas scheme. The learned authors have drawn on their experience and offered workable solutions to several questionsThe Finance Bill 2020: Nani Palkhivala Rightly Called The Income-tax Act "A National Disgrace"
Dr. K. Shivaram, Senior Advocate, has pointed out that the lament by Nani Palkhivala several decades ago regarding the 'maddening instability' of the Income-tax Act and it being a "national disgrace" holds good today as well as is reflected by the numerous amendments ushered in by the Finance Bill 2020. Some amendments are ill-thought of and have led to enormous confusion and anxiety amongst taxpayers. Also, the non-allocation of funds to the Judiciary shows a lack of seriousness in the Government regarding clearing the massive backlog of cases in Courts. The learned author has also made valid points regarding the 'Vivad Se Vishwas' scheme and other important proposals in the Budget See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
E-Assessments – Paving Way For Pioneering Tax Reforms!
One of the subjects for discussion at the 22nd National Convention of the AIFTP which was held at Mumbai on 14th December 2019 was "e-assessments – paving way for pioneering tax reforms". Dr. K. Shivaram, Sr.Advocate chaired the session and Mr. Mukesh Patel, Advocate, Ahmadabad, addressed on the subject. The subject, being new, involved a number of issues. For the benefits of tax professionals, a detailed article is published and video of the session is also hosted. Authors have also included the amendments proposed in the Finance Bill, 2020 regarding e-assessment and e-appeal before CIT(A). The authors have also made various suggestions__._,_.___
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