Reopening of assessment - the entire basis for the formation of ...

Case Laws Income Tax

May 24, 2017

Reopening of assessment - the entire basis for the formation of belief to invoke section 147 is a damp squib. As a Corollary, the reasons recorded are not in sync with section 147 of the Act and are marred by wrong application of law and therefore cannot be sustained. - AT

View Source

← Previous Next →

Reopening of assessment - the entire basis for the formation of ...

Case Laws Income Tax

May 24, 2017

You may also like:

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 - Bogus LTCG - AO has reason to believe that the petitioner is a beneficiary of accommodation entry and basis for formation of such...

Reopening of assessment u/s 147 - accommodation entry receipts - reasons to believe - The reasons for the formation of the belief by the Assessing Officer in the instant...

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 - upon purchase of the flat, the purchaser certainly acquires a right or interest in the proportionate share of the land but its...

Reopening of assessment u/s 147 - the very basis of reopening of assessment is based on incomplete or wrong facts available on record as the said transaction of sale of...

Reopening of assessment u/s 147 - the notice u/s 148 on the basis of “on verification of records” - the AO has power to reopen the assessment, provided there is...

Reopening of assessment u/s 147 - addition u/s 68 - The reasons for the formation of the belief by the Assessing Officer in the instant case, appear to have a rational...

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 - notice for reopening is issued beyond a period of 4 years - There is no tangible material for the respondent to come to the conclusion...

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...

Reopening of assessment u/s 147 - Reopning after 4 years - As per the mandate of law, even where a concluded assessment is sought to be reopened by the A.O within a...

Reopening of assessment u/s 147 - difference pointed out by the DVO in his valuation report - There should be a live link between the material coming to the notice of...

Reopening of assessment u/s 147 - Transfer of case u/s 127 - There is no nexus between the material coming to the notice of the AO and the formation of his belief that...

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

Quick Updates: