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Income Tax - Highlights / Catch Notes

Home Highlights July 2012 Year 2012 This

Quashing the initiating proceedings u/s. 147 - no basis for the ...


Court Quashes Section 147 Proceedings, Citing Lack of Valid Basis for Belief in Escaped Income Assessment.

July 16, 2012

Case Laws     Income Tax     HC

Quashing the initiating proceedings u/s. 147 - no basis for the Assessing Officers to form a belief that income has escaped assessment - HC

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  1. 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...

  2. The High Court quashed the reopening of assessments u/s 148, holding that the reasons recorded by the Assessing Officer were cryptic, vague, lacking nexus, and...

  3. The High Court held that the reassessment proceedings initiated u/s 148 were invalid. The assessee, a partner in a firm, had disclosed all financial transactions and...

  4. 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...

  5. Reopening of assessment u/s 147 consequent to revision proceedings u/s 263 pending - notice u/s 148 issued during the pendency of the assessment proceedings following...

  6. Reopening of assessment u/s 147 - There was live link or direct nexus between the material which suggested the escapement of income and information on the basis of...

  7. 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...

  8. Reopening of assessment u/s 147 - second re-assessment notice u/s 148A - The High Court noted that the petitioner did not challenge the earlier re-assessment order dated...

  9. The High Court held that the Assessing Officer could not reopen the assessment u/s 147 as the basic precondition of having "reason to believe" that income had escaped...

  10. Reopening of assessment u/s 147 - Reasons for belief that income has escaped assessment - Merely having a reason to believe that income had escaped assessment, is not...

  11. Validity of Re-assessment under 147 where notice u/s 143(2) has been issued - if the Assessing Officer is of the view that materials available with him or discovered by...

  12. Reopening of assessment - shares were transferred by way of a gift - The petitioner argued that the transfer of shares as a gift did not attract capital gains tax...

  13. The Rajasthan High Court examined the validity of revision proceedings u/s 263 concerning the period of limitation. The issue was whether the period of limitation for...

  14. Reopening of assessment u/s 147 - As examined the belief of the Assessing Officer to a limited extent to look into whether there was sufficient or any tangible materials...

  15. Reopening of assessment - Reason to belief - Addition u/s 69 was made in assessment u/s 143(3) r.w.s 153A - if such income has already been assessed then the AO could...

 

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