Reassessment - Page 3

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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Section 148: Reason for issue of notice can be claimed before Return Filing

Assessee Can Claim Reasons For Issue Of Notice under section 148 Before Filing Of Return under section 148 of Income Tax Act, 1961. We all are aware that notice under section 148 for reassessment can be issued by income tax department upto sixteen years from the end of the relevant assessment years, if there is […]...

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Posted Under: Income Tax |

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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Principles of law governing re-assessment under Income Tax

Principles of law governing re-assessment under Income Tax Law (Section 147 and 148) (i) The Court should be guided by the reasons recorded for the reassessment and not by the reasons or explanation given by the Assessing Officer at a later stage in respect of the notice of reassessment. To put it in other words, […]...

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Posted Under: Income Tax |

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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Section 148 Notice issued in the name of dead person was invaild

Urmilaben Anirudhhasinhji Jadeja Vs ITO (Gujarat High Court)

Notice under section 148 issued to a dead person could not be continued against the legal representatives and moreover, section 292B also could not be resorted to....

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Section 148 notice can be challenged before HC only after following procedure

S.M. Sarveswaran (HUF) Vs ITO (Madras High Court)

The writ petition is not maintainable challenging the notice issued under Section 148 of the Income Tax Act. The Hon'ble Supreme court in GKN Drive Shafts' case reported in 259 ITR 19 (SC), clarified the procedure to be followed, when notice is issued under Section 148. Therefore, the petitioner has to follow such procedure including by a...

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August 2020