Validity of initiation of proceedings u/s.147 - Unexplained ...

Assessing Officer Must Use Verified Info for Section 147 Proceedings on Unexplained Investments u/s 69B.

January 4, 2021

Case Laws Income Tax AT

Validity of initiation of proceedings u/s.147 - Unexplained investment u/s. 69B - Even though there was a tangible material or information coming from the investigation wing, but Assessing Officer on the said material/ information received has to apply his mind after verifying the assessment records and after due application of mind, he has to satisfy himself and reached to reason to believe that income chargeable to tax has escaped assessment - AT

View Source

← Previous Next →

Validity of initiation of proceedings u/s.147 - Unexplained ...

Assessing Officer Must Use Verified Info for Section 147 Proceedings on Unexplained Investments u/s 69B.

January 4, 2021

Case Laws Income Tax AT

You may also like:

The key points covered in the summary are: Disallowance of deduction u/s 36(1)(vii) for debts written off, as the assessee did not create a provision in the books, which...

Sum advanced to sister concern by cheques drawn – Unexplained investment or not - it has been rightly treated as unexplained investment in terms of Section 69B of the...

Exemption u/s. 11 - Addition u/s 69A and 69B - With respect to the applicability of Section 69B of the Act, we find that assessee has given self-help loan to the members...

Revision u/s 263 - bogus purchase - proof of nexus between the purchases and sales - once submission/reply filed by the assessee, pursuant to enquiry by the Assessing...

Penalty levied u/s 271(1)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

Reopening of assessment u/ 147 - in absence of primary facts with regard to the sources of investment, the assessing officer has rightly recorded that the assessee has...

Unexplained investment - Assessee has brought on record certain evidence before the AO - the Assessing Officer ought to have investigated from both the parties for...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

The case pertains to an unexplained investment u/s 69B, where an addition was made on account of cash payment for the purchase of land. The Assessing Officer relied on a...

The High Court held that once a proper officer initiates proceedings on a subject matter under the Central Goods and Services Tax Act, 2017 (CGST Act) or the Haryana...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Addition u/s 69B r.w.s.115BBE - during the course of survey action discrepancies were found on account of physical verification of stock vis-a-vis regular books of...

Addition u/s 69A - unexplained investment in the bank account - Though there is no specific evidence but the circumstances of the assessee and his lifestyle do suggest...

Revision u/s 263 - case of “no enquiry” - admittedly Assessing Officer at assessment stage has not verified amount shown under “suspense account”. It is very apparent...

Unexplained salary - search and seizure proceedings - The addition made by the Assessing Officer as relates to unaccounted salary does not sustain in the eyes of law as...

Quick Updates: