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In the present case, a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions of section 147 of the Act. The AO has issued notice under section 148 of the Act on the directions of JCIT and CIT. The learned Members of the ITAT held that in our considered opinion the notice issued under section 148 of the Act was bad in law and the subsequent proceedings arising there from are vitiated.
When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle
Right or wrong, the decision taken by AO cannot be revisited or reviewed by AO invoking Sec. 147 of the Act because the AO does not have the power to review his own order.
Priyank Mittal Vs. ITO (ITAT Agra) A perusal of the reasons recorded by the AO shows that the allegation as per the reasons to believe escapement of income is bogus purchase/sale of shares, while the impugned addition has been made with respect to gift, which shows that the A.O. had no specific information. Hence, as […]
The present petition under Article 226 of the Constitution of India has been filed assailing the notice dated 28.03.2017 issued under Section 148 of the Income Tax Act, 1961 (in short, the Act) and also the order dated 25.09.2017 whereby the objections preferred by the petitioner questioning the issuance of notice dated 28.03.2017 was rejected.
The powers of reassessment u/S.147/148 of the Act have to be invoked with great amount of circumspection and the relevant material on record, on the basis of which, a “reasonable opinion” can be framed in contrast with a mere change of opinion for initiating the reassessment proceedings.
This Court is of the opinion that the ITAT’s impugned order is unexceptionable because it is premised upon the circumstance that in the absence of any fresh tangible material, it was not open, on mere re-appreciation of the existing circumstances, to reopen the concluded scrutiny assessment. The ITAT’s reasoning cannot, therefore, be faulted.
M/S Veer Vardhman Finance Investment Pvt. Ltd. Vs. DCIT (ITAT Delhi) As AO has not passed the speaking order in disposing of the assessee ‘s objections against the notice u/s. 148 of the I. T. Act, before proceeding with the assessment, hence subsequent assessment order is bad in law and deserving of being quashed. Full […]
If a provision of law had been clearly overlooked or ignored in the assessment order, it would not be open to Asessing Officer to reopen the assessment after expiry of four years in case no failure on assessee’s part to disclose fully and truly all material facts was alleged.
Non-issue of notice u/s. 143(2) after filing of the return of the Assessee, by way of letter, makes the assessment order passed u/s. 143(3) r.w.s. 147 bad in law.