Validity of Reopening of assessment - acquisition of immovable ...

Court Overturns Order to Reopen Assessment; No Financial Transaction Involvement Found for Petitioner.

March 16, 2024

Case Laws Income Tax HC

Validity of Reopening of assessment - acquisition of immovable property jointly - husband’s assessment in hands of wife - The court quashed and set aside the order dated 31st March 2023 passed under Section 148A(d) of the Act. The court concluded that it was not a suitable case for reopening the assessment concerning the petitioner. The court highlighted the lack of necessity in seeking details from the petitioner regarding the source of funds, given that it was established that she had no involvement in the transactions. Moreover, the court noted the surprising behavior of the Principal Chief Commissioner of Income Tax, who sanctioned the issuance of the order instead of directing the assessing officer to drop the proceedings against the petitioner.

View Source

← Previous Next →

Validity of Reopening of assessment - acquisition of immovable ...

Court Overturns Order to Reopen Assessment; No Financial Transaction Involvement Found for Petitioner.

March 16, 2024

Case Laws Income Tax HC

You may also like:

HC ruled petitioner's arrest for money laundering under PMLA illegal. Court found ED failed to establish "reason to believe" standard required under Section 19(1) PMLA....

HC denies bail in money laundering case involving fraudulent land transactions. The court found prima facie evidence of criminal activities through cash transactions,...

The High Court revisited the reopening of assessment u/s 147 due to the assessee's involvement in penny share transactions. The petitioner invested in shares through IPO...

The petition challenged the criminal complaint filed against the petitioner u/s 138 read with Section 141 of the Negotiable Instruments Act for dishonor of cheque. The...

Stay of demand - direction as called upon the writ petitioner to make a pre-deposit of 20% - The Delhi High Court dismissed the writ petition challenging the ITAT's...

Validity of Assessment / Demand Order - The High court found that the assessment order was flawed due to non-application of mind by the assessing officer. - The...

Seeking grant of bail - money laundering - proceeds of crime - misappropriation of credit facilities extended by the banks for personal gain - creation of shell...

In the present case involving economic offenses related to GST fraud, the court denied bail to the applicants. The applicants were found to be connected with Sanjay...

The case pertains to the transfer of assessment proceedings u/s 127 from Coimbatore to the Central Circle in Kolkata. The respondents seized incriminating materials...

The Supreme Court disposed of the special leave petition as withdrawn, allowing the petitioner to raise the contention regarding the validity of sanction granted by the...

Initiation of CIRP - Financial creditor within the meaning of sub-section (7) of Section 5 of the IBC - The Supreme Court affirmed the NCLAT’s judgment, holding that the...

The High Court considered the reopening of assessment u/s 147 due to accommodation entries from M/s Metal Impex, a shell entity for high-value transactions. Respondents...

Dishonour of Cheque - insufficient funds - discharge of legal liability - A scenarios involving financial transactions with potentially fraudulent undertones - The High...

The High Court held that the reopening of assessment u/s 147 did not violate the provisions of Section 148A. The respondents provided the petitioners an opportunity of...

Reopening of assessment - reason to believe - The Court evaluates the concept of "true and full disclosure" as mandated by Section 147, considering relevant legal...

Quick Updates: