Reopening of assessment u/s 147 - Notice issued on the basis of ...

Reassessment Valid: Court Upholds Action Initiated by Survey Findings and Partner's Statement for Tax Proceedings.

January 31, 2024

Case Laws Income Tax HC

Reopening of assessment u/s 147 - Notice issued on the basis of statement recorded during survey u/s 133A - The High court observed that the survey conducted led to several factual findings essential for initiating the proceedings u/s 148A. It was noted that the statement of one of the partners, was not the sole basis for the proceedings and that other evidence arising from the survey was also considered. The court also acknowledged that a statement was recorded under Section 131, which has the same powers as a civil court, including examining individuals under oath. - Consequently, High Court refused to interfere.

View Source

← Previous Next →

Reopening of assessment u/s 147 - Notice issued on the basis of ...

Reassessment Valid: Court Upholds Action Initiated by Survey Findings and Partner's Statement for Tax Proceedings.

January 31, 2024

Case Laws Income Tax HC

You may also like:

Addition based on survey proceeding - Unexplained stock of gold and silver jewellery - The statement given during the course of survey is not a statement on oath as...

Reassessment proceedings initiated u/s 147 were quashed by ITAT for violation of principles of natural justice due to lack of opportunity for cross-examination of...

Validity of reassessment proceedings - Reason to believe - The tribunal found that there was sufficient "reason to believe" that income had escaped assessment due to the...

Reassessment action initiated based on Section 148 notice and subsequent Section 148A(b) notice violated the First Proviso to Section 149(1) and was barred by the...

Retraction of statement given during survey - evidentiary value of statement recorded u/s 131 - Despite the retraction, the initial findings of the CIT(A) were largely...

The case before the Allahabad High Court involved the validity of reassessment proceedings initiated by the assessing authority based on information that the purchaser...

The High Court quashed the reassessment proceedings initiated by the Assessing Officer u/s 148 of the Income Tax Act, holding it to be a case of "change of opinion" and...

The HC quashed reassessment proceedings for AY 2016-17 initiated via notice u/s 148 issued on July 29, 2022. The Court found that since the reassessment action commenced...

Addition u/s 68 - Unexplained cash deposits - statement of the assessee admitting the income at the time of survey - subsequent retraction made by assessee - it is not...

Addition of excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The Tribunal observed that the assessee provided plausible...

Notice of the findings in the enforcement surveys

CENVAT Credit - invoices issued without actual supply of materials - retraction of statements - burden of proof - personal penalty on partner of appellant firm....

Professional misconduct by CA - The NFRA concluded that the actions of the firm and the engagement partner constituted professional misconduct. They failed to cooperate...

Addition u/s 68 - investment made by the partners - AO has examined 79 unsecured creditors who appeared before the AO and given statements on oath. All of them have...

Reopening of assessment u/s 147 for addition u/s 68 on share premium received by petitioner from Gold Singapore was challenged. Reassessment proceedings initiated...

Quick Updates: