Home Highlights July 2014 Year 2014 This

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1. Reopening of assessment - it is a settled law that an assessment could not be reopened only on the basis of difference in TDS certificate and receipts shown in the P&L account - AT

2. Challenging reopening of assessment - notice u/s 148 - the basis of the order is completely different from the reasons recorded for reopening the assessment which is...

3. Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

4. Reopening of assessment u/s 147 was challenged. The Assessing Officer (AO) had disallowed 20% of total sundry creditors in the regular assessment u/s 143(3). The AO...

5. The High Court quashed the reopening notice issued by the Assessing Officer u/s 148 for reassessment beyond the period of four years. The assessee had filed returns...

6. Reopening of assessment - special audit report as basis for reopening - though the orders of assessment passed u/s 143(3) have sanctity attached, it does not grant...

7. 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...

8. Credit for TDS - Income offered to tax on receipt basis - the assessee is eligible to claim credit for TDS in assessment year 2016-17, when such professional income has...

9. Validity of Reopening of assessment u/s 147 - Reopening on the basis of the report of the Centralized Audit Unit, CAG - Different Apex Court pointed out that the audit...

10. Reopening of assessment u/s 147 - AO has reasons to believe that such payments which were not considered during the original assessment escaped assessment and therefore,...

11. Reopening of assessment u/s 147 was challenged on the ground of mere change of opinion. The assessee had filed return claiming deduction u/s 80IC and furnished all...

12. Absence of incriminating material during search precludes additions in completed assessments, as per Supreme Court's ruling in Principal Commissioner of Income-tax,...

13. 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...

14. Reopening of assessment u/s 147 - Bad Debts - Petitioner clearly showed that the Petitioner had in response to specific queries raised during the assessment proceedings,...

15. Reopening of assessment - receipt of accomadation enteries - without forming a prima facie opinion, on the basis of such material that income has escaped assessment the...