Reopening of assessment u/s 147 - ‘reasons to suspect’ or ...

Tax Assessment Reopening Challenged Over Lack of Independent Evaluation; Concerns on Validity Raised.

January 13, 2024

Case Laws Income Tax AT

Reopening of assessment u/s 147 - ‘reasons to suspect’ or ‘Reasons to believe’ - The manner in which the reasons have been recorded make it appear that the assessing officer without actually applying his mind to the information made available by the investigation Wing proceeded to open the cases of all beneficiaries of alleged entries from Pradeep Kumar Jindal group of companies by recording reasons in same template/format and included assessee also as a beneficiary while assessee was a company of Pradeep Kumar Jindal and assessee is providing accommodation entries to the beneficiaries. - AT

View Source

← Previous Next →

Reopening of assessment u/s 147 - ‘reasons to suspect’ or ...

Tax Assessment Reopening Challenged Over Lack of Independent Evaluation; Concerns on Validity Raised.

January 13, 2024

Case Laws Income Tax AT

You may also like:

The Assessing Officer (AO) reopened the assessment solely based on the information from a survey conducted by the Sales Tax Department, without independently examining...

Validity of reopening of assessment - It is well settled Law that validity of the reassessment proceedings is to be judged with reference to the reasons recorded for...

Assessment of tax - calculation and clubbing of turnover of two units - sister concern or independent entities - The act of the petitioner herein is an attempt to...

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...

Validity of reopening of assessment u/s 147 - The High Court analyzed the Supreme Court's decision in Ashish Agarwal and concluded that it did not mandate the reopening...

The HC held that the Assessing Officer could not reopen the assessment for AY 2013-14 merely relying on information from the insight portal without forming an...

The High Court quashed the reopening of assessments u/s 148, holding that the reasons recorded by the Assessing Officer were cryptic, vague, lacking nexus, and...

Reopening of assessment u/s 147 - second re-assessment notice u/s 148A - The High Court noted that the petitioner did not challenge the earlier re-assessment order dated...

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...

HC quashed reassessment notice under s.148 concerning lease payments, foreign currency transactions, and goodwill depreciation. Court found no valid grounds for...

Challenging reopening of assessment - notice u/s 148 - the basis of the order is completely different from the reasons recorded for reopening the assessment which is...

Validity of reopening assessment challenged due to non-disposal of objections raised by assessee against reassessment. Deduction u/s 24(a) proposed to be disallowed....

The ITAT quashed the reopening of assessment under section 147, finding it invalid on two grounds. First, the reasons recorded by the AO were vague and incomplete,...

Reopening of assessment u/s 147 - reasons to believe - Having regard to the material on record, we are of the view that the Assessing Officer has initiated the...

This circular outlines the parameters and framework for independent external evaluation of performance of Market Infrastructure Institutions (MIIs) like stock exchanges,...

Quick Updates: