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The Mumbai ITAT held that a notice under Section 148 cannot be issued beyond three years where the alleged escaped income is less than ₹50 lakh. The reassessment proceedings were therefore declared invalid and quashed.
The ITAT Mumbai held that a reassessment notice issued beyond three years was invalid where the alleged escaped income was less than ₹50 lakh. The consequential assessment order was quashed.
The Amritsar ITAT held that reassessment proceedings were invalid where the officer completing the assessment had not issued the notice under Section 148. The reassessment order was quashed on jurisdictional grounds.
The Tribunal ruled that reassessment based on a different interpretation of the same material examined during the original assessment amounted to a change of opinion and could not justify reopening.
The Tribunal held that the Assessing Officer could not validly refer the property valuation to the DVO for Assessment Year 2012-13 under the unamended Section 55A. Since the valuation reference lacked legal authority, the addition to long-term capital gains could not be sustained.
The Tribunal held that the amended Section 55A could not be applied to a land sale completed before 01.07.2012. Since the DVO reference was not valid under the law then in force, the capital gains addition based on that valuation could not stand.
The Court held that the Assessing Officer could not refer the matter to the Valuation Officer under Section 55A where the assessees registered valuer had reported a higher value. The reassessment based on such reference was therefore held impermissible.
The Department maintained that search powers could be exercised where there was reason to believe that relevant documents and undisclosed assets were being kept at the premises. The matter involved both personal and third-party records.
The ITAT Mumbai held that purchases cannot be treated as entirely bogus merely based on Sales Tax Department information when the assessee produced invoices, bank statements, stock records, and delivery challans. The Tribunal directed that only the profit element embedded in the alleged non-genuine purchases, if any, should be taxed.
The Tribunal ruled that reassessment proceedings cannot survive when reasons recorded for reopening demonstrate non-application of mind. Following the Delhi High Court’s findings in the preceding year, the reassessment was declared invalid.
