Home Highlights June 2013 Year 2013 This

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1. Reopening of assessment - It cannot by any stretch of imagination be said that the A.O. has not gone through the tax audit report while framing assessment u/s 143(3)...

2. 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...

3. Undisclosed Capital gain - Scope of block assessment proceedings - AO is concerned only with undisclosed income and he has no power to consider material and evidence not...

4. Reopening of assessment u/s 147 - since the proposed re-opening has been issued after expiry of four years of the end of the relevant assessment year, proviso to Section...

5. 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...

6. Reopening of assessment u/s 147 - undisclosed LTCG - when the information was specific with regard to transactions of penny stock entered into by the assessee, and the...

7. Assessment framed u/s 153A r.w.s 143(3) as barred by limitation - We are of the considered view that the information called for by the department from Swiss authorities...

8. Reopening of assessment u/s 147 - It is settled law that the opinion of the Internal Audit party of the Income Tax Department cannot be recorded as information within...

9. Reopening of assessment u/s 147 - The entire exercise of re-opening would depend upon the reasons recorded by the AO and therefore the reasons recorded to re-open the...

10. Validity of reopening of assessment u/s 147 - Addition u/s 68 - The function of the assessing authority at this stage is to administer the statute and what is required...

11. The High Court examined the validity of reassessment notices issued u/s 148 of the Income Tax Act by the Joint Assistant Commissioner (JAC) in light of the Faceless...

12. Validity of order - Faceless Assessment - draft assessment order u/s 144B - It hardly stood to reason that the department refused the request of the assessee for grant...

13. Assessment u/s 153A - disallowance of bogus Long Term Capital Gain - In five scrutiny cases of the sale of shares, i.e. TFCIL, gain earned by the assessee was accepted...

14. Reopening of assessment - reasons to believe - The reasons as recorded at the highest, can only be termed as “a suspicion subject to a case of fishing inquiry”. Even...

15. Recovery of the alleged outstanding dues - Creation of charge over the land - The very action on the part of the department in creating a charge over the agricultural...