Reassessment u/s 147 - original return filed was accepted ...

Tax Reassessment Quashed: Section 147 Invoked Without Tangible Evidence, No Income Escaped Assessment Found.

August 21, 2019

Case Laws Income Tax HC

Reassessment u/s 147 - original return filed was accepted without any scrutiny - the reasons so assigned would confirm that no tangible material was in possession of the AO which could constitute any reasons which led to a belief that any part of income chargeable to tax had escaped assessment rather it is in search of such tangible material that the proceedings had been reopened - not permissible - entire proceedings quashed

View Source

← Previous Next →

Reassessment u/s 147 - original return filed was accepted ...

Tax Reassessment Quashed: Section 147 Invoked Without Tangible Evidence, No Income Escaped Assessment Found.

August 21, 2019

Case Laws Income Tax HC

You may also like:

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...

Reopening of assessment u/s 147 - The High Court dismissed the appeal filed by the revenue, affirming the decision of the Income Tax Appellate Tribunal (ITAT) that...

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 was invalid as statement recorded during survey cannot be solely relied upon without tangible material. Admission of additional income by...

Validity of reopening of assessment u/s 147 - Reason to believe - The Appellate Tribunal observed that the reassessment proceedings were initiated solely based on the...

Reopening of assessment u/s 147 - reasons to believe that income had escaped tax - According to the AO he was satisfied that there was insider trading amongst two family...

Assessment u/s 153C - The High court found procedural lapses in invoking Section 153C against the petitioner without concrete evidence of undisclosed transactions for...

Validity of reassessment order - disallowance of ITC claim - The court examined the provisions of Section 29 of the Act, which pertains to the assessment of tax on...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Jurisdiction to issue Notice u/s 148 of the Income Tax Act - Issuance of Notice u/s 148 for income escaping assessment on the basis of ‘Borrowed satisfaction’ -...

The case pertains to the reopening of assessment u/s 147/148 of the Income Tax Act due to undisclosed cash deposits in the assessee's bank accounts. The key points are:...

Reopening of assessment u/s 147 - The High Court noted that the extended period of six years for reassessment could only be invoked under specific circumstances, one of...

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...

The case involves the validity of assessments u/s 153A and 132 of the Income Tax Act. In the absence of incriminating material seized during the search, assessments...

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...

Quick Updates: