Home Highlights April 2013 Year 2013 This

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1. Reopening of assessment - opinion given by the District Valuation Officer is not per se information for the purpose of section 147 - Thus solely on the basis of the...

2. Reopening of assessment u/s 147 - difference pointed out by the DVO in his valuation report - There should be a live link between the material coming to the notice of...

3. Revision u/s 263 based on DVO's report received after assessment culmination was invalid as per section 142A(4), DVO failed to provide opportunity of being heard to...

4. Validity of reassessment proceedings challenged - capital gain on co-owned land sale - reassessment based on DVO report alleging suppression of lower valuation - reasons...

5. Reopening of assessment – The opinion of the DVO per se is not an information - Assessing Officer has to apply his mind to the information, if any, collected and must...

6. AO rejected registered valuer's report for cost of acquisition and relied on section 55A. ITAT held that if AO was unsatisfied with registered valuer's report, he should...

7. Re-opening of assessment u/s 147 - notice beyond period of four years - change in the opinion or a later decision on the legal aspects - The High court finds no evidence...

8. Capital gain computation - cost of acquisition of the asset as on 01.04.1981 - valuation report of the DVO Vs. Registered valuer Report - Approved Valuer’s report taking...

9. Reopening of assessment - It cannot by any stretch of imagination be said that the A.O. has not gone through the tax audit report while framing assessment u/s 143(3)...

10. Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

11. 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...

12. 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...

13. Reopening of assessment - the information was available only in the valuation report. Giving the information in this manner shall be of no help to the appellant as the...

14. Having completed assessment it was not open for the AO, in the absence of any material, which includes information, to doubt on the completed assessment and to reassess...

15. LTCG - valuation of the property to the DVO - Valuation report given by the DVO cannot be ignored. Since the DVO himself valued the property which is less than the value...