Reassessment - Page 2

Why Effective Documentation a must for Income Tax Assessment Procedures?

Documentation can play a pivotal role in ensuring correct tax impact. It reduces great amount of time and energy of the company, advisors, auditors and most importantly the judiciary system....

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Posted Under: Income Tax |

Approval for Section 148 notice by mere “YES” word is invalid

Blue Chip Developers (P) Ltd. Vs ITO (ITAT Delhi)

In the present case the approving authority has given approval to the reopening of assessment in a mechanical manner without due application of mind by only mentioning in Column No. 12 'YES', in the Reasons for Initiating Proceedings u/s. 147 and For obtaining the Approval of the Addl. Commissioner of Income Tax. On this count the reasses...

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Section 147/ 151: Sanction granted by superior officer is not relevant

Pr. CIT Vs Khushbu Industries (Bombay High Court)

Court held that where the Act provides for sanction by the Joint Commissioner of Income Tax in terms of section 151, then the sanction by the Commissioner of Income Tax would not meet the requirement of the Act and the reopening notice will be without jurisdiction....

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Mere signing against a particular column of format is nothing but a mechanical approval

Shri Ram Niranjan Tibra Vs ITO (ITAT Jaipur)

Ld. CIT acted mechanically in order to discharge his statutory obligation when he merely wrote on the format Yes, I am satisfied. In the case in hand, the Id. CIT has even not written any affirmative sentence or word but has just signed against the column which was pre-typed Yes....

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Reopening of Assessment merely based on department advisory is invalid

Ravindra Kumar (HUF) Vs CIT (Patna High Court)

In view of the clear fact situation available on the record where such reopening is simply founded on the advisory dated 10.03.2016 issued by the department and where the reasons so present for the formation of belief is not resting on any tangible material, in possession of the Assessing officer as confirmed from the discussions above, i...

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Reassessment proceedings on basis of change of opinion was invalid

City Union Bank Limited Vs ACIT (Madras High Court)

Reassessment could not be reopened on basis of change of opinion in case the matter of dis allowance had already been considered during the original assessment proceedings because the authority could not take advantage of their own wrong if they failed to perform their statutory duty....

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Reopening of Assessments after 4 Years -Section 148 -Income Tax Act – Special Considerations

The reopening of an assessment is carried out by the Assessing Officer by first issuing a notice under Section 148 of the Income Tax Act, 1961 (the Act) and thereafter proceeding to make a reassessment order under Section 147 of the Act. Yet, in certain circumstances, the assessee is advised or he decides to challenge […]...

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Posted Under: Income Tax |

Reassessment notice issued to dead person not valid merely because PAN was active

Durlabhai Kanubhai Rajpara Vs ITO (Gujarat High Court)

Merely because PAN is active, it cannot be presumed that the assessee is alive and notice for reassessment be issued in the name of dead person, more particularly, when the department was made aware about the death of the assessee prior to issuance of the notice....

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Reopening of assessment for non-existent and factually incorrect reasons was invalid

Shri Ram Mohan Rawat Vs ITO (ITAT Jaipur)

Shri Ram Mohan Rawat Vs ITO (ITAT Jaipur) Reasons recorded by the AO for formation of belief that income assessable to tax has escaped assessment are based on two counts. One, the assessee has made bogus purchases and the second, that the purchases are not verifiable as the as the  assessee has not filed the […]...

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After conclusion of proceedings u/s 147 AO cannot take aid of Exp. 3 to Section 147 to make any addition

M/s JDC Traders Pvt. Ltd. Vs DCIT (ITAT Delhi)

M/s JDC Traders Pvt. Ltd. Vs DCIT (ITAT Delhi) A careful reading of Section 147 clearly shows that it empowers the learned AO to assess or re-assess the income in respect of any issue which had escaped the assessment irrespective of the fact that whether such aspect was adverted to in respect of the reasons […]...

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