Reassessment - Page 20

Accommodation entry: Reassessment based on mere inquiry in case of 3rd party not justified

M/s Sharmilee Furnishing P. Ltd Vs. I.T.O (ITAT Delhi)

M/s Sharmilee Furnishing P. Ltd Vs. I.T.O (ITAT Delhi) There is no dispute to the fact that the department conducted inquiry in the case of third party where the name of the assessee was also written to have received accommodation entry and accordingly, the AO reached to a conclusion while recording reasons that the income of the assessee...

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HC Quashes I-T Order Against P. Chidambaram & Family & Held Reopening discriminatory

Karti P. Chidambaram Vs. The Assistant Commissioner of Income Tax (Madras High Court)

The Madras High Court has quashed the Income Tax Assessment Orders passed against P. Chidambaram, Senior Advocate & Former Union Finance Minister, his wife Nalini Chidambaram, Senior Advocate, and his son Karthi Chidambaram. The High Court quashed the order terming it as illegal, arbitrary, and issued without following principles of natur...

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Reassessment notice U/s. 147/148 is invalid when period to issue notice U/s. 143(2) has not expired

Smt. Suman Vs. ITO (Bombay High Court)

Where AO passed order of reassessment under section 147, even when Revenue processed return of assessee under section 143(1)(i) by intimation, the impugned assessment order deserved to be quashed, as the AO could not proceed with extraordinary power under section 147, when normal procedure of assessment of income under section 143(3) was ...

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Reassessment based on satisfaction of AO not having Jurisdiction over Assessee is invalid

Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi)

Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT held that Considering the facts of the case in the light of decision in the case of Shri S.N. Bhargava (supra), it is clear that ITO at Ghaziabad was not having jurisdiction over the assessee. Therefore, he should not have recorded the reasons for reopening […]...

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Validity of Reassessment to verify genuineness of gift based on Assessment of relatives

Shri Ashok Mahindru Vs. ITO (ITAT Delhi)

While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the assessee cannot be treated as non-genuine merely for the reason that the family members of the assessee had received bogus gifts during the same year....

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Reassessment for mere cash deposit info received through AIR is invalid

Shri Mahavir Parsad Vs I.T.O (ITAT Delhi)

Revised grounds of appeal were filed by the assessee, which are placed on record. Amongst various grounds of appeal taken by the assessee, main grievance and issue raised by the assessee-appellant before this Tribunal relates to validity of the proceedings under section 148 of the Income-tax Act, 1961...

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Delhi HC issues guidelines in matters of reopening of assessments

Sabh Infrastructure Ltd. Vs. Asst. Commissioner Of Income Tax (Delhi High Court)

The Petitioner seeks the quashing of a notice dated 20th March, 2015 issued under Section 148 of the Income Tax Act (Act) by the Assistant Commissioner of Income Tax (hereinafter Assessing Officer AO) and the order dated 1st February, 2016 passed by the AO disposing of the objections filed by the Petitioner to the said notice....

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Approval to Reopening by officer superior to Addl. DIT U/s. 151(2) is invalid

Yum Restaurants Asia Pte. Ltd Vs Deputy Director Of Income Tax And Ors (Delhi High Court)

This writ petition by Yum! Restaurants Asia PTE Ltd. under Articles 226 and 227 of the Constitution, seeks the quashing of a notice dated 28th March 2012 issued by the Deputy Director of Income Tax (hereinafter the Assessing Officer or AO) under Section 148 of the Income Tax Act, 1961 (hereinafter the Act) seeking to reopen the assessment...

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Search, Re-Assessment etc. of Non-Existent Entity is Invalid

BDR Builders & Developers Pvt. Ltd Vs ACIT (Delhi High Court)

Proceedings under Section 148 of the Act which commenced with the notice dated 3rd April, 2012 issued to VBPPL were itself void ab initio for the simple reason that on that day VBPPL was not in existence as a result of the order dated 20th February, 2013 of the High Court approving its amalgamation with the Petitioner with effect from 1st...

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Reassessment cannot be initiated merely on report of Valuation Officer

Smt. Kamala Ojha Vs Income Tax Officer (Chhatisgarh High Court)

Thus, it appears that only on the basis of the valuation report received from the said officer – Assistant Valuation Officer, the assessing authority sought to reopen the proceeding under Section 147 of the Act, 1961 which is clearly not an information for reopening the assessment proceeding...

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September 2020