Validity of reopening of assessment u/s 147 - Addition u/s ...

Case Laws Income Tax

June 16, 2020

Validity of reopening of assessment u/s 147 - Addition u/s 56(2)(v) - gifts received by the assessee from the HUF interpreted as the gift from the relatives - reopening the assessment on the same issue which was already considered by the AO and taken a view amounts to difference of opinion and on difference of opinion, reopening of assessment is not permissible

View Source

← Previous Next →

Validity of reopening of assessment u/s 147 - Addition u/s ...

Case Laws Income Tax

June 16, 2020

You may also like:

Taxability of the amount received by the assessee from his HUF, in which he is a coparcener - money received without consideration -Taxability of gift received by the...

Addition as gift from assessee HUF which was exempted u/s 56(2)(VII) - The amount spent may be more than that the member may have gotten on the partition of the 'HUF'....

The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

Gift chargeable to tax in the hands of HUF - assessee could not show us any commentary on Hindu law or any other authoritative material, which says that mother of Karta...

Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

Section 69A applies to unexplained money, but the assessee provided valid documentation proving the remittance was earned outside India as part of employment in UAE and...

Revision u/s 263 by CIT- Taxability of shares received by way of Gift - The order of ld AO is not erroneous as Gift of shares of the Wockhardt Limited are not chargeable...

Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be...

Addition of gift u/s 56(2)(vii) - gift been received by the assessee directly from the uncle - The only reason to treat the same as the income of the assessee is that...

Receipt of Gift from HUF - income from other sources - whether HUF comes under the term ‘group of relatives’ defined u/s 56(2)? - Held Yes - Receipt of Gift from HUF -...

Reopening of assessment u/s 147 - reason to believe - there was tangible material before the AO to reopen the concluded assessment as the assessee is claiming huge...

Gift from HUF - HUF can be treated as a ‘relative’ under the provisions of section 56(2) so as to exclude the amount received from HUF by the assessee-individual -...

Addition invoking the provisions of Section 56(2)(ix) - advances received - AO observed that, the assessee had no intention to repay the creditors - The present case,...

Validity of reopening the assessment u/s 147 - Additions u/s 68 and u/s 69A - Cash deposits in assessee’s bank account - The ITAT observed that, the AO was satisfied...

Validity of reopening of assessment u/s 147 - AO did not issue the notice under section 143(2) - It is the discretion of the Assessing Officer to accept the return of...

Quick Updates: