Validity of reassessment proceedings u/s 147/148 - Unexplained ...

Case Laws Income Tax

February 8, 2024

Validity of reassessment proceedings u/s 147/148 - Unexplained cash credit and application of section 115BB - The ITAT while upheld the reassessment proceedings sicne AO had sufficient basis to form a belief of income escapement, based on non-explanation of cash deposits. However, the ITAT observed that before rejecting the assessee’s explanations as fabricated or invalid, it was necessary to examine the concerned parties to the agreement. Therefore, the ITAT remanded the issue back to the AO for fresh adjudication.

View Source

← Previous Next →

Validity of reassessment proceedings u/s 147/148 - Unexplained ...

Case Laws Income Tax

February 8, 2024

You may also like:

Validity of assessment made u/s 147 instead of u/s. 153C - Addition as unexplained cash credit u/s. 68 - Upon examination, the ITAT Delhi found that the seized material,...

Reopening of assessment u/s 147 - unexplained cash payment - Two notices issued u/s 148 - it is a case where pending conclusion of the first reassessment proceedings,...

Reopening of assessment u/s 147 - Initiation of reassessment proceedings, u/s.148 of the Act and issued notice to the assessee was based on valid reason on the strength...

Validity of the assessment order passed u/s 147 r.w.s. 143(3) - post search assessment - in the case on hand the pending reassessment proceedings u/s 147 got abated by...

Revision u/s 263 after reopening of assessment u/s 147 - Assessee filed its return in response to section 148 notice - unexplained cash credit u/s. 68 - whether the...

Assessment to be framed u/s 153C OR u/s 147/148 - Validity of the reassessment proceedings - Initiation of action u/s 153C would arise only if the seized material are...

Once the case of reassessment is made out by the AO which falls in the preview of specific provisions of section 153C of the Act, the AO cannot resort to invoke the...

Reassessment u/s. 147 - non availability of file containing reasons to believe - there is no material brought to our notice that reasons were recorded before issue of...

Proceedings u/s 153A - addition of Unexplained cash credit U/s 68 - if there is no incriminating material to reassess the income of the assessee then the AO legally...

Reopening of assessment u/s 147 where assessment proceedings already pending - Unless the return of income already filed is disposed of, the notice for reassessment u/s...

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 - unexplained share application money - non independent application of mind by AO - In the present case also since the AO acted upon the...

Reopening of assessment u/s 147 v/s assessment u/s 153C - proceedings initiated u/s 132 - The correct course of reassessment is under section 153C not under section 147...

Reopening of assessment u/s 147 - It is well established that the reasons recorded by the AO cannot be further be substituted or added or deleted - We are of the view...

Reopening of assessment u/s 147 - reassessment proceeding was triggered based on a Tax Evasion Petition (TEP) - Bald assertions in the TEP that the petitioner had...

Quick Updates: