Home Highlights May 2012 Year 2012 This

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1. Delayed adjudication of show cause notice without reasonable cause - Delay in finalizing assessments and issuing demand - Classification of goods under appropriate...

2. Reopening of assessment u/s 147 - The High Court observed that, the expression “accommodation entry” and “bogus financial transaction” in the recorded reasons are not...

3. TP Assessment proceedings - period of limitation - the proviso which has altered the original time limit from 24 months to 21 months vide amendment in Finance Act, 2006...

4. 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...

5. Reopening of assessment u/s 147 - non-supply of reasons recorded for issuance of notice u/s 148 - In the instant case, it is an admitted position that the assessee for...

6. Condonation of delay in filing appeal - cancellation of the GSTIN registration of the petitioner - It is true that the petitioner has not filed any application for...

7. Entitlement for interest on refund - finalizing the assessment after delay of 8 years - The appellant is entitled to interest if the refund is payable after the expiry...

8. Reopening of assessment u/s 147 - reasons recorded on incorrect assumption of facts and non application of mind - possession of ITS information that the assessee has...

9. Reopening of assessment u/s 147 - reasons to believe - It is settled law that the reasons for reopening an assessment can be tested and examined only on the basis of the...

10. Reopening of assessment u/s 147 - The entire exercise of re-opening would depend upon the reasons recorded by the AO and therefore the reasons recorded to re-open the...

11. Validity of re-assessment proceedings initiated u/s.148 - If the reasons recorded are silent or there is no reference of any material, then other extraneous material...

12. Validity of reopening of assessment u/s 147 - Reasons to believe - The Assessing Officer, in the event of challenge to the reasons, must be able to justify the same...

13. Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

14. Reopening of assessment u/s 147 - objections regarding reason to believe raised first time at appellate stage - If reasons recorded upon being challenged at any stage of...

15. Reopening of assessment u/s 147 - share premium - As the reasons recorded does not quantify even an estimated amount of the alleged income which has escaped assessment...