Home Highlights March 2013 Year 2013 This

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1. The case pertains to the reopening of assessment u/s 147, where the reasons recorded were based on audit objections raised by the internal audit party regarding...

2. 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...

3. The High Court examined the validity of reassessment notices issued u/s 148 of the Income Tax Act by the Joint Assistant Commissioner (JAC) in light of the Faceless...

4. Notice u/s 148 - Validity of reassessment proceeding - Role of the Audit parties to point out of the factual mistakes and not to advise the AO on legal matters....

5. Reopening of assessment u/s 147 - The argument that the objections have not been considered may not hold water as the annexure does deal with the crux of the objections...

6. Addition on failure to show the “gitty’ expenses in Closing Stock or WIP - addition based on audit objection - goods in transit - the AO passed the order in haste and it...

7. Reassessment proceedings initiated solely based on an audit objection without fresh tangible material are impermissible. A mere change of opinion by the Assessing...

8. Rectification of mistake u/s 154 - AO issued notice u/s 154 based on audit objections, adding waiver of principal amount and revising book profit. Tribunal dismissed...

9. Short payment of service tax - as and when irregularities/objections were pointed out by the audit party, the respondents have immediately complied with the objections...

10. Revision u/s 263 - Revision based on Audit Objection - a mechanical exercise of revisionary powers u/s 263 by the Revisionary Authority by merely citing the Audit...

11. Reopening of assessment u/s 147 - It is settled law that the opinion of the Internal Audit party of the Income Tax Department cannot be recorded as information within...

12. The High Court held that the jurisdictional facts necessary to invoke Section 147 for reassessment were absent. The reassessment was initiated after the four-year...

13. Reopening of assessment u/s 147 - Reopening based on audit objection and also change of opinion - the reasons recorded in the present case are verbatim what the audit...

14. Reopening of assessment u/s 147 - Audit objection - change of opinion - Reason to believe - if the audit objection on factual issue and, where, the audit party has...

15. Revision u/s 263 - Scope of audit objection - The entire exercise seems to have been done because of audit objection only. Since, the Assessing Officer had duly enquired...