Home Highlights May 2013 Year 2013 This

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1. Whether previous orders of assessment, although they may even be best judgment assessments, would form good material or good evidence for purpose of computing income of...

2. Reopening of assessment u/s 147 - the notice must stipulate that there was a failure on the part of the assessee to disclose fully and truly material facts necessary for...

3. Formation of belief by the Assessing Officer that income has escaped assessment is the crux of the reopening provision. The reasons recorded must be based on tangible...

4. The crux of the matter revolves around the reopening of assessment u/s 147 of the Act and the addition made u/s 68 treating the share application received as a...

5. Reopening of assessment u/s 147 was based on reasons to believe the difference between total cash sales and cash sales reflected in books. Held: Reopening was made only...

6. Condonation of delay - sufficient cause - Request for Reopening of assessment order for accepting declarations in Form ‘C’ - power of authorities to reopen the...

7. Reopening of assessment u/s 147 - bogus purchases - to what exact income had escaped assessment may be open for argument, nevertheless, would not be a ground to quash...

8. Search and seizure - basis of additions – Even if an illegal search does not vitiate the discovery of incriminating document during search and the department may rely...

9. Validity of re-assessment proceedings initiated u/s.148 - If the reasons recorded are silent or there is no reference of any material, then other extraneous material...

10. Foreign tax credit claimed u/s 90/90A - although there was delay in filing of such Form 67 beyond the due date of filing of the return wherein as held that FTC cannot be...

11. Reopening of assessment u/s 147 - As examined the belief of the Assessing Officer to a limited extent to look into whether there was sufficient or any tangible materials...

12. Reopening of assessment u/s 147 - sufficiency or inadequacy of reasons - There is no whisper in the impugned order as regards any failure on the part of petitioner to...

13. Reopening of assessment - case was reopened on a ground but additions were made on different ground - it was not open to him to make the addition for unaccounted investment

14. Reopening of assessment u/s.147 - there is absolutely no tangible material available with the ld. AO having live link to form a belief that income of the assessee had...

15. Validity of Reopening of assessment u/s 147 - Existence of reason to believe - The issue squarely falls in the realm “change of opinion”. In our view, the only reason...