Reassessment judiciary-2

Reopening of assessment to deny Section 80IB is without jurisdiction if no failure of Assessee to disclose information during Original Assessment

International Flavours and Fragrances India Private Limited Vs DCIT (Madras High Court)

International Flavours and Fragrances India Private Limited Vs DCIT (Madras High Court) The issue under consideration is whether the notice issued u/s 147 for re-opening the assessment is justified in law? Petitioner is engaged in manufacture of flavour essences, mixed seasoning powders (dry mix) and formulated perfumery compounds etc. Th...

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Re-Assessment justified against former Cricketer Srikanth

Shri K. Srikanth Vs ACIT (ITAT Chennai)

Reassessment was justified by the income tax department against former Indian Cricket Team Captain Krishnamachari Srikanth and non compete fee of Rs. 7.50 crores was exempt from tax being capital receipt;...

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No reassessment after 4 years in case there was no disclosure failure on the part of assessee

PCIT Vs SKI Retail Capital Ltd. (Madras High Court)

AO was not justified in reopening of assessment after four years as on an independent application of mind and on thorough consideration of material aspects and legal position,there was no failure on the part of assessee....

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Reopening of assessment without bringing any fresh material on record is not justified

Chordia Buildcon Pvt. Ltd. Vs DCIT (ITAT Jaipur)

Chordia Buildcon Pvt. Ltd. Vs DCIT (ITAT Jaipur) The issue under consideration is whether the action taken by the AO u/s 147 r.w.s 148 is justified in law? The case of assessee was originally selected for scrutiny and a detailed questionnarie was issued alongwith notice u/s 142(1). The AO asked specific queries with regard to […]...

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Reassessment u/s 147 without any tangible material to support escapement of income not justified

SPR & RG constructions Pvt. Ltd. Vs ACIT (ITAT Chennai)

SPR & RG constructions Pvt. Ltd. Vs ACIT (ITAT Chennai) The issue under consideration is whether the reasons for reopening of assessment u/s 147 are justified? The reasons recorded for reopening are on the basis of the audited accounts of the assessee i.e., specifically perusal of Schedule 30 of the profit and loss account and [&helli...

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A.O. bound to dispose off objections filed by assessee by passing a speaking order

Redington India Ltd. Vs ACIT (Madras High Court)

The issue under consideration is whether the Assessing officer is correct in rejecting the objections filed by the petitioner against the reasons for reopening the assessment without passing speaking order?...

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A New Light on Reassessment Under Income Tax Act, 1961

New Delhi Television Ltd. Vs DCIT (Supreme Court of India)

In our view this is not a fair or proper procedure. If not in the first notice, at least at the time of furnishing the reasons the assessee should have been informed that the revenue relied upon the second proviso. The assessee must be put to notice of all the provisions on which the revenue relies upon....

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Mere Outstanding loan in books cannot be reason for reopening of assessment

Vanita Sanjeev Anad Vs ITO (Delhi High Court)

In the given case, the Petitioner who is a regular income tax assessee filed her return of income for the AY 2011-12. The Assessing Officer issued under section 133(6) of the Act, called for certain information from the assessee....

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Reopening of Assessment after 4 years only if some new Tangible material

Arun Munshaw HUF Vs ITO (Gujarat High Court)

Arun Munshaw HUF Vs ITO (Gujarat High Court) Thus, having regard to the position of law and the materials emerging from the record of the case, it cannot be said that there was no full and true disclosure at the end of the assessee of the material facts. In such circumstances, it could be said […]...

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Reopening Based on change of opinion and in absence of any adverse tangible material was invalid

DCIT Vs Surat Urban Development Authority (SUDA) (ITAT Ahmedabad)

In such cases, assessments can be reopened only if an income assessable to tax has escaped on account of failure of the assessee to disclose all the material facts fully and truly. In other words, the AO has to demonstrate that income of the assessee has escaped assessment on account of its failure to disclose all material facts of the as...

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