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Reassessment order was quashed on cash deposits as AO did not possess any credible information to form a belief that income had escaped assessment and there was non-application of mind for reopening the matter.
Assessee preferred an appeal before CIT(A) with a delay of about 133 days in filing the appeal. However, CIT(A) dismissed the appeal by not condoning the delay and without adjudicating the issues on merits. Being aggrieved, the present appeal is filed.
The action for reassessment which was commenced pursuant to the Section 148A(b) notice dated 27 May 2022 could not be countenanced and was liable to be quashed as there were no reasons underlying the formation of opinion that income had escaped assessment.
Delhi High Court held that as per Article 12 of India-Ireland DTAA revenue receipt from aircraft leasing is outside the purview of taxation. Thus, it is impermissible to invoke section 9(1)(vi) in light of express exemption under DTAA.
Punjab and Haryana High Court held that interest can be waived in case the circumstances are beyond the control of the assessee in filing return in time. Accordingly, interest u/s. 234-A of the Income Tax Act waived.
Delhi High Court held that initiation of customs recovery proceedings against a dead person is unsustainable and liable to be quashed. Accordingly, recovery proceedings quashed.
ITAT Chennai held that failure to issue notice u/s. 143(2) of the Income Tax Act after issuing notice u/s. 147 and prior to finalizing the re-assessment vitiated the entire proceedings. Accordingly, order quashed.
Delhi High Court held that reinitiating of reassessment action u/s. 148 of the Income Tax Act on the same set of reasons on which assessment proceedings had already been concluded is unjustified and hence liable to be set aside.
Reopening of assessment was initiated before the lapse of four years, and there was no scope for interference with the Income Tax authorities’ reopening decision if escapement income was found.
Assessee had claimed a tax exemption under Section 10(23C)(vi) which allowed tax exemptions for educational institutions provided certain conditions prescribed by the Chief Commissioner of Income Tax (CCIT) were met.
