Home Highlights June 2014 Year 2014 This

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1. Reopening of assessment u/s 147 - Reopening based on audit objections - reasons to believe - High Court observed that, reopening an assessment beyond four years requires...

2. 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...

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. Reopening of assessment u/s 147 - reasons to believe - The High court observes that all the issues raised in the notice for reopening were indeed subject to discussion...

5. Validity of Reopening of assessment u/s 147 - requirement of recording of “reasons to believe” - validity of jurisdiction assumed by the AO for reopening the case of the...

6. Reopening of assessment u/s 147 - Validity of reasons to believe - No linkage of the assessee has been established with the information received from investigation wing...

7. Reopening of assessment u/s 147 - Reasons to believe or suspect - huge share transaction - The court held that the reasons provided by the Assessing Officer for...

8. Income escaping assessment u/s/ 147 - The requirement of law is “reason to believe“ and not “reason to suspect“. In the present case Since the reasons to believe...

9. Reopening of assessment u/s 147 - reason to believe - Claim of deduction on account of payment made to settle a class action suit - AO observed the same as in the nature...

10. Validity of reopening of assessment - notice against non existent entity / amalgamated company - Notices issued.

11. Validity of reopening an assessment and the legality of issuing a new Show Cause Notice u/s 148-A(b) after the conclusion of initial reassessment proceedings. The key...

12. Validity of reassessment proceedings challenged - capital gain on co-owned land sale - reassessment based on DVO report alleging suppression of lower valuation - reasons...

13. Reopening of assessment u/s 147 - Reasons to believe - AO was not having any reason to believe for initiating re-assessment - There cannot be any re-assessment for a...

14. Reopening of assessment u/s 147 - eligibility of reasons to believe - the foundation on which the AO based his belief that income chargeable to tax had escaped...

15. Reopening of assessment - reason to believe or reason to suspect - The ITAT examined the "reasons recorded" by the AO for reopening the assessment. It noted that the AO...