The ITAT Kolkata examined the validity of reassessment ...

Discrepancies in LTCG disclosure: Reassessment proceedings quashed due to lack of independent application of mind by the AO.

May 29, 2024

Case Laws Income Tax AT

The ITAT Kolkata examined the validity of reassessment proceedings based on "reasons to believe" u/s 147. The AO's reasons lacked independent application of mind, being based on borrowed satisfaction without proper enquiry. The AO noted discrepancies in LTCG disclosure and re-assessed income u/s 147. However, the Tribunal found the AO's actions flawed, as the assessee had disclosed exempt income in Schedule-EI. The AO's lack of independent satisfaction led to quashing of the assessment, citing Meenakshi Overseas (P) Ltd. The appeal of the assessee was allowed.

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The ITAT Kolkata examined the validity of reassessment ...

Discrepancies in LTCG disclosure: Reassessment proceedings quashed due to lack of independent application of mind by the AO.

May 29, 2024

Case Laws Income Tax AT

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