Section 148 - Page 10

Reassessment on Investigation Wing report without further enquiry was invalid

Mohan Aggarwal Vs ACIT (ITAT Delhi)

Reassessment under section 147 on the basis of report of Investigation Wing without conducting further enquiry on the same was invalid and liable to be set aside....

Read More

Reassessment on mere non disclosure of non taxable receipt was invalid

The Swastic Safe Deposit and Investments Ltd Vs ACIT (Bombay High Court)

Where the documents on record conclusively establish that the receipt did not give rise to any taxable income, it would not be open for AO to reopen the assessment referring only to the non disclosure of the receipt in the return of income....

Read More

Section 148: Recording and Issue of Reasons

[Section 148(2)]: The Assessing Officer shall before issuing notice u/s 148 of the Income tax Act , 1961 , record the reasons for doing so .  Recording of reasons carefully is very important and other various factors to be taken care of from the side of the revenue. From the side of the assesse it […]...

Read More
Posted Under: Income Tax |

Section 147: Manner of recording satisfaction not prescribed

Shri Sushil Kumar Golecha Vs ACIT (ITAT Indore)

Shri Sushil Kumar Golecha Vs ACIT (ITAT Indore) The law is well settled where the issue of jurisdiction of assessing authority is concerned, if the jurisdiction assumed is not in accordance with law, then it cannot be cured or ignored under the provisions of section 292B of the Act. In our considered view, the assumption […]...

Read More

Reassessment notice based on Competent Authority approval without application of mind is invalid

DCIT Vs M/s Kanchan India Pvt. Ltd. (ITAT Jaipur)

Since the approval granted by Pr. CIT to AO for reopening of assessment was clearly without application of mind and was not as per the mandate of the provision of section 151, therefore, notice issued u/s 148 on the basis of such approval and consequent assessment made on the basis of such notice were bad in law and deserved to be quashed...

Read More

Reopening U/s. 148 without approval of designated authority is void ab initio

DCIT Vs Bhaijee Portfolio Pvt. Ltd. (ITAT Delhi)

DCIT Vs Bhaijee Portfolio Pvt. Ltd. (ITAT Delhi) In this From the records, it can be clearly seen that the notice has been issued prior to the approval. Thus, reopening u/s 148 is without the approval of the designated authority and as such reassessment itself is bad and without any jurisdiction. The mandatory conditions of […]...

Read More

Reopening of assessment merely on Investigation Wing report without independent application of mind was invalid

M/s. Key Components (P) Ltd. Vs ITO (ITAT Delhi)

M/s. Key Components (P) Ltd. Vs ITO (ITAT Delhi) it is clear that there is a total non-application of mind on the part of the A.O. while recording the reasons for reopening of the assessment. He has recorded incorrect amount which escaped assessment. His conclusion was merely based on observations and information received from DIT [&helli...

Read More

Reassessment without notice u/s 143(2) was bad in law & cannot be revised u/s 263

M/s. Supersonic Technologies Pvt. Ltd. Vs PCIT (ITAT Delhi)

Since no notice under section 143(2) had been issued for completion of the re-assessment proceedings, therefore, the re-assessment order itself was bad in law and the same could not be revised under section 263. ...

Read More

Reassessment without issuance of mandatory notice u/s 143(2) was invalid

ACIT Vs M/s. Sukhamani Cotton Industries (ITAT Indore)

Reassessment order passed u/s 147 r.w.s 143(3) by issuing notice under section 148 but without issuance of notice u/s 143(2)  was invalid and void ab initio and thus liable to be quashed....

Read More

Reassessment after 4 years where assessee made true and full disclosure in original assessment was not valid

DCIT Vs Visvas Promoters (P) Ltd. (Madras High Court)

Reassessment after period of four years on the ground that assessee had claimed excess deduction under Section 80IB(10) was not valid where assessee had made true and full disclosure and had consciously made only a proportionate claim under Section 80IB(10), which was rightly allowed by AO at the time of original assessment proceedings un...

Read More

Browse All Categories

CA, CS, CMA (4,695)
Company Law (5,996)
Custom Duty (7,745)
DGFT (4,221)
Excise Duty (4,361)
Fema / RBI (4,187)
Finance (4,389)
Income Tax (33,072)
SEBI (3,458)
Service Tax (3,553)

Search Posts by Date

June 2020