Reopening of assessment u/s 147 - Reasons to believe - The High ...

Case Laws Income Tax

May 4, 2024

Reopening of assessment u/s 147 - Reasons to believe - The High Court examined the submissions and found that the notice for reopening the assessment lacked jurisdiction. It noted that the reasons for reopening were not based on any fresh material but were already considered during the regular assessment process. Additionally, the Court highlighted that reopening the assessment solely on the basis of audit party objections was invalid. Moreover, the Court agreed with the petitioner's argument regarding the applicability of MAT provisions, stating that even if there were additions to income under normal provisions, it would not impact the MAT computation significantly. Therefore, the Court concluded that there was no escapement of income under normal provisions.

View Source

← Previous Next →

Reopening of assessment u/s 147 - Reasons to believe - The High ...

Case Laws Income Tax

May 4, 2024

You may also like:

Reopening of assessment u/s 147 - reasons to believe - The High court observes that all the issues raised in the notice for reopening were indeed subject to discussion...

Reopening of assessment u/s 147 - Reopening based on audit objections - reasons to believe - High Court observed that, reopening an assessment beyond four years requires...

Reopening of assessment u/s 147 - Reasons to believe or suspect - huge share transaction - The court held that the reasons provided by the Assessing Officer for...

Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

Reopening of assessment u/s 147 - reasons to believe - no income under the head income from House Property has been offered by the assessee during the year under...

Reopening of assessment u/s 147 - The requirement of section 147 of the Act is the Assessing Officer has reason to believe that income chargeable to tax has escaped...

Reopening of assessment u/s 147 - Reason to believe - The notice was based on alleged undisclosed cash deposits made by the trust during a specific financial year. The...

Reopening of assessment u/s 147 - eligibility of reasons to believe - the foundation on which the AO based his belief that income chargeable to tax had escaped...

Reopening of assessment u/s 147 - undisclosed income - As the assessee in the case before us had at no stage applied for a copy of the reasons to believe on the basis of...

Reopening of assessment u/s 147 - Reasons to believe - AO was not having any reason to believe for initiating re-assessment - There cannot be any re-assessment for a...

Reopening of assessment u/s 147 - Reasons to believe - The court examined the reasons recorded for re-assessment provided to the petitioner and compared them with the...

Reopening of assessment u/s 147 - reason to believe - the Ld. AO has absolutely changed his view which was formed initially and which was formed while concluding the...

Reopening of assessment u/s 147 - reasons to suspect OR reasons to believe - Power u/s 147 cannot be exercised merely on reason of suspicion but there should be reason to believe.

Reopening of assessment u/s 147 - Validity of reasons to believe - No linkage of the assessee has been established with the information received from investigation wing...

Reopening of assessment u/s 147 - undisclosed activity of money lending and borrowing - the reasons for reopening of assessment has to be tested / examined only on the...

Quick Updates: