CBDT criteria for selection of scrutiny cases in financial year 2013-14 mandatory: Ashok Kumar Juneja

Ludhiana, October 19, 2013: Central Board of Direct Taxes has fixed the criteria for manual selection of scrutiny cases of Income Tax in Financial Year 2013-14.
It was revealed in a meeting of Study Circle of Taxation Bar Association held on Saturday.

Speaking on the occasion, Ashok Kumar Juneja highlighted Bar members regarding the provisions of Assessment and Re-asssessment and recent important judgments, circulars and notifications related to the subject and was honoured by the TBA on the occasion. He said CBDT criteria for selection of scrutiny cases in financial year 2013-14 is mandatory and the guideline in this regard have been issued by CBDT pursuant to directions given by Delhi High Court in the case of Joginder Pal Gupta v/s OSD-CPIO.
Juneja further said that it is proper time to file returns by all those persons who come within the ambit and purview of filing the same because the maximum number of cases are decided in summary manner without calling or summoning the assesses in income tax department.
BR Kaushal, Convener, Study Circle (TBA) said as per the provisions of best judgment Assessment (Section 144) the assessing officer (AO) can assess the income suo moto where the assessee fails to file return and submit documents or explanation called by AO or do not comply the terms and directions contained in notice issued and on other statutory grounds.
Kaushal further said as per Supreme Court orders (2007) (158) Taxman 71 (SC) AO is bound to make best judgment, assessment or fair estimate honestly and not arbitrarily. He also highlighted the provisions of Section 80C.
Balbir Khanna president and Jatinder Khurana secretary of TBA said AO can assess or re-assess the income which has escaped assessment and subsequently comes to his notice. The time for reopening assessment if the escaped income is less than Rs. 1 lakh is 4 years and if it is Rs. 1 lakh and above then it is 6 years from the end of relevant assessment year.
Lalit Takyar, H.O. Arora former president of TBA highlighted the various current judgments of High Courts and Supreme Court which decided the other grounds of re-opening of decided cases for re-assessments.
GS Chopra, former TBA president and Tarlok Bhalla Advocate also spoke on law regarding sales to sister concern and cash in hand in the account books and kept in lockers. Ajay Chaudhary, OP Miglani, Sushil Gupta and SL Sabharwal also expressed their views on TDS and TCS etc. in the meeting.
Other Taxation Bar Association office bearers and executive members who were also present in the meeting included Vice President Ravinder Garg, Secretary    Vishal Sharma, Finance Secretary Harminderjit Singh, and Executive Members Vijay Sharma, Dharam Pal Bindra, Narinder Kumar and Pawan Chopra. www.cityairnews.com