Reopening of assessment - whether the Assessing Officer has ...

Case Laws Income Tax

November 4, 2015

Reopening of assessment - whether the Assessing Officer has “reason to believe” that any income chargeable to tax has “eascaped assessment”? - the reason to believe as formed by the AO are not in terms as contemplated by section 147 and as mandated by the courts - AT

View Source

← Previous Next →

Reopening of assessment - whether the Assessing Officer has ...

Case Laws Income Tax

November 4, 2015

You may also like:

Reopening of assessment u/s 147 - The requirement of section 147 of the Act is the Assessing Officer has reason to believe that income chargeable to tax has escaped...

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...

Reopening of assessment u/s 147 - Mere production of books of account and the details by the assessee are one aspect of the matter and even with reference to such books...

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...

The High Court held that the reopening of assessment u/s 147 was not justified. The mere existence of an outstanding unsecured loan in the assessee's balance sheet did...

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...

Reopening of assessment u/s 147 - Once the Assessing Officer records the reasons that he has reason to believe that income has escaped assessment, it confers...

Reopening of assessment u/s 147 - concept of change of opinion - In cases where the return of an assessee is accepted without scrutiny, the assessing officer enjoys a...

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...

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...

Reopening of assessment u/s 147 - reason to suspect v/s reason to believe - The reasons disclosed and placed on record do not allude to the material that was available...

Validity of reopening of assessment u/s 147 - if the assessing officer has cause or justification to know or suppose that income has escaped assessment, it can be said...

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...

Reopening of assessment u/s 147 - non-filing of return (ITR) - reason to believe - even if assessee failed to file the ITR, the primary requirement of the Assessing...

Reopening of assessment - validity of reasons to believe - on the application of method of valuation as mandated by the Explanation to Section 56(2)(vii) of the Act,...

Quick Updates: