Validity of Reopening of assessment u/s 147 - unaccounted cash ...

High Court Upholds Reopening of Venus Group Assessment u/s 147 Due to Unaccounted Cash Transactions.

February 15, 2021

Case Laws Income Tax HC

Validity of Reopening of assessment u/s 147 - unaccounted cash transactions - It can thus be seen that the Assessing Officer had analyzed the voluminous material collected by the Revenue during the search operations in connection with the Venus Group - Based on seized material, though AO could not have initiated proceedings u/s 153(C) but based on the information, could be said to be justified in reopening the assessment for the reasons assigned and referred to above. - HC

View Source

← Previous Next →

Validity of Reopening of assessment u/s 147 - unaccounted cash ...

High Court Upholds Reopening of Venus Group Assessment u/s 147 Due to Unaccounted Cash Transactions.

February 15, 2021

Case Laws Income Tax HC

You may also like:

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...

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 - reopening after expiry of four years - Original assessment have been passed under section 143(3) on Dated 14.12.2011 and A.O. recorded...

Validity of Reopening of assessment u/s 147 - The entire basis for reopening the assessment is on the premise that there was a cash transaction of a huge amount, and...

Reopening of assessment u/s 147 - Reopening based on audit objections - reasons to believe - High Court observed that, reopening an assessment beyond four years requires...

Reopening of assessment u/s 147 - It is sufficient if any one of the conditions stipulated in Proviso clause to Section 147 is satisfied for reopening of assessment. -...

Reopening of assessment u/s 147 - reply to the audit objections - in fact AO applied his mind to the audit party objection and formed a clear opinion that there is no...

The crux of the matter revolves around the reopening of assessment u/s 147 of the Act and the addition made u/s 68 treating the share application received as a...

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...

Reopening of assessment u/s 147 was challenged. The Assessing Officer (AO) had disallowed 20% of total sundry creditors in the regular assessment u/s 143(3). The AO...

Reopening of assessment u/s 147 - assessee had entered into cash transactions exceeding Rs.10,00,000 in a month, resulting in escapement of income - the reasons recorded...

Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

Reopening of assessment u/s 147 - In case incorrect, wrong and non-existing reasons are recorded by the A.O. for reopening of the assessment and A.O. failed to verify...

Reopening of assessment u/s 147 - reopening beyond four years - the reopening of assessment u/s 147 in the present case, without any reference to failure on the part of...

Validity of the reopening of the assessment u/s 147 - eligibility of reason to believe - hawala transactions - borrowed satisfaction - the A.O in the backdrop of the...

Quick Updates: