Home Highlights May 2013 Year 2013 This

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1. Validity of assessment u/s 153A - Non issuance of notice U/s 143(2) - Protective assessment - the assessment has been made on a protective basis, but, it is not clear...

2. The High Court held that the reopening of the assessment based on a subsequent judgment that the transaction in question was amenable to tax was impermissible. Once an...

3. Validity of Assessment u/s 153C - whether AO of the searched person has not recorded satisfaction note that the books of accounts/material belongs to the assessee ? - In...

4. Assessment u/s 153C - satisfaction on the basis of the borrowed information - It is true that the supreme Court has made the said observations while considering the...

5. Reopening of assessment u/s 147 - double deduction u/s 80IB - In the reasons for re-opening, there is not even a whisper as to what was not disclosed. In our view, this...

6. Reopening of assessment u/s 147 - Reasons to believe - The ITAT thoroughly examined the reasons recorded by the AO for re-opening the assessment and found that there was...

7. Validity of reopening of assessment u/s 147 - beyond 4 years but within 6 years - Report of the investigation wing might constitute tangible material. The decision to...

8. Initiation of re-assessment proceeding on the basis of subsequent judgement - Classification of goods - The proceeding of re-assessment has been initiated against the...

9. Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

10. Reopening of assessment u/s 147 - Period of limitation - The audit party is entitled to point out a factual error or omission in the assessment. reopening of the...

11. Re-opening of assessment u/s 147 - notice beyond period of four years - change in the opinion or a later decision on the legal aspects - The High court finds no evidence...

12. During the original assessment proceedings, the assessee complied with all queries and provided details regarding long-term capital gain claimed on sale of shares. The...

13. Reopening of assessment u/s 147 - Reopening on the basis of the audit objections - the reasons for reopening of the assessment are almost identically worded as that of...

14. The High Court held that the Assessing Officer (AO) had specifically called for and considered information regarding unsecured loans during the original assessment...

15. The Appellate Tribunal examined the reopening of assessment after four years and the addition u/s 68 of the Income Tax Act. It held that the original assessment was...