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Income Tax - Highlights / Catch Notes

Home Highlights March 2016 Year 2016 This

Reopening of assessment - receipt of accomadation enteries - ...

Case Laws     Income Tax

March 28, 2016

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 AO can not assume valid jurisdiction to initiate proceedings and to issue notice u/s 147/148 - Notice u/s 148 quashed - AT

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  1. The Assessing Officer (AO) reopened the assessment solely based on the information from a survey conducted by the Sales Tax Department, without independently examining...

  2. Reopening of assessment u/s 147 justified due to tangible material available with Assessing Officer (AO) to form reasonable belief regarding escapement of income....

  3. Reopening of assessment u/s 147 - It is sufficient if any one of the conditions stipulated in Proviso clause to Section 147 is satisfied for reopening of assessment. -...

  4. Reopening of assessment u/s 147 - upon reading the reasons to believe as a whole the ‘live link’ between the material in the form of the investigation report and the...

  5. Validity of reopening of assessment u/s 147 - AO has not even made minimum exercise for ascertaining the unsecured loans accepted during the year, under consideration...

  6. Reopening of completed assessment u/s 143(3) after 4 years - though the ld.AO has to form a prima facie belief only, but has not analysed any of these details while...

  7. Reopening of assessment u/s 147 - there is prima facie tangible material to form an opinion that the income has escaped assessment and the assessee failed to disclose...

  8. Validity of reopening of assessment u/s 147 - accommodation entries - In the instant case, the notice under Section 148 of the Act has been issued by the assessing...

  9. Reopening of assessment u/s 147 - assessment after 4 years - reason to suspect OR reason to believe - Reopening of assessment which is already concluded under Section...

  10. Reopening of assessment u/s 147 - reply to the audit objections - in fact AO applied his mind to the audit party objection and formed a clear opinion that there is no...

  11. Reopening of assessment u/ 147 - Revenue has to prima facie indicate as to which of the conditions of Section 10(10D) of the Act are not fulfilled. In other words, how...

  12. Reassessment notice u/s 148 - “reason to believe" must be interpreted that the AO on receipt of any such new material or materials in relation to the non furnishing of...

  13. Validity of reopening of assessment - It is well settled Law that validity of the reassessment proceedings is to be judged with reference to the reasons recorded for...

  14. The High Court held that the Assessing Officer had credible reasons to reopen the assessment u/s 147 for the Assessment Year 2011-12. During the search and seizure...

  15. Reopening of assessment u/s 147 - Unexplained loan - There were no justification for the A.O. to record non-existing, incorrect and wrong facts in the reasons for...

 

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