Reassessment - Page 20

No new material besides full and true disclosure, reassessment u/s 148 is not justified

DCIT Vs The Handicrafts and Handlooms Exports Corporation of India Ltd. (ITAT Delhi)

In the recent judgment of the Hon’ble jurisdictional High Court in the case of Madhukar Khosla vs. ACIT (supra), the Hon’ble Court has held that ‘if there is no reason to believe that the income has escaped assessment based on new tangible material, then the reopening of assessment amounts to impermissible review’....

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Section -147 Reopening of Assessment / Reassessment – Horrendous journey for assessee!

This blog covers an extensive analysis on the reassessment provisions in light of landmarks judgement which will help professional to face dispose the litigations hastily. I am not inserting bare sections here to increase the size of blog, it is written keeping in mind to provide less, solid and crux content about the matter. It includes ...

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Posted Under: Income Tax | ,

Enquiry Proceedings u/s 133(6) – Whether more Grisly than Scrutiny

The locution `Enquiry’ is a term of wide and capacious connotation signifying and inherently carrying with it the burden to enquire, probe, delve, scrutinize, escalate and to congregate such vital and salient information as might be required to entrust and endow the charm of stepping into the shoes of scrutiny proceedings carried in due...

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Posted Under: Income Tax |

S. 147 Reopening based on material placed before DRP considering the same as new material

M/s Lahmeyer Holding GMBH Vs DDIT (High Court of Delhi)

No new facts or material had come to the knowledge of the Assessing Officer to enable him to initiate re-assessment proceedings. All the material facts on which the Assessing Officer had based his purported reasons were available on record at the time when the original assessment order was passed....

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Reasons for initiating assessment u/s 147 should be recorded prior to issuance of notice u/s 148

Ferrous Infrastructure Pvt. Ltd. Vs DCIT (Delhi High Court )

The only question here is whether reasons could at all be recorded after issuance of the notice under Section 148 of the Act. And, secondly, that as the reasons were recorded after the issuance of Section 148 notice, whether the proceedings were not vitiated....

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Reopening U/s 147 – `Incessant Trip to Litigation’

Section 147 is clothed with a predominant and potential ascendancy of reopening the assessments framed under the statutory charter of Income Tax Act, 1961 accompanied by getting the assessments already framed into the clutch of the Department by making specific dominant references to the expressions `assess’, `reassess’ or `recompute...

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Posted Under: Income Tax |

For invoking reassessment proceedings, reasons has to be recorded & not conclusions

ACIT Vs M/s Responsible Builders Pvt. Ltd (ITAT Delhi)

Hon'ble Delhi ITAT has in the case of ACIT V/s M/s Responsible Builders Pvt. Ltd in ITA No. 2726/Del /2011 has held that it is trite law that in order to determine whether there are reasons to believe that the income got escaped the assessment, one has to look at the reasons recorded by the Assessing Officer before the issuance of notice...

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Section 147: Power of Review V/s Power to Re Assess

The provisions of section 147 empower the Assessing Officer, to reopen an assessment if he has reason to believe that income has escaped assessment. The important words under section 147 are ‘has reason to believe’ and these words are stronger than the words ‘is satisfied’....

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Posted Under: Income Tax |

If AO not conducted proper inquiry, the obligation to do so is on CIT(A) & ITAT

Commissioner Of Income Tax Vs M/s. Jansampark Advertising And Marketing (P) Ltd. (Delhi High Court)

Assessment proceedings under the Income Tax Act are not a game of hide and seek. The inquiry in the wake of a notice under Section 148 is not an empty formality. It must be effective and with a sense of purpose....

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Merely Approval without application of mind not sufficient and renders reopening void

ITO Vs M/s. Direct Sales (P) Ltd. (ITAT Delhi)

The power vested in the Commissioner to grant or not to grant approval is coupled with a duty. The Commissioner is required to apply his mind to the proposal put up to him for approval in the light of the material relied upon by the Assessing Officer....

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