The High Court addressed the issue of reopening assessment due ...

Court ruled against reopening assessment after 4 years. Assessee's disclosure was enough.

Case Laws Income Tax

June 29, 2024

The High Court addressed the issue of reopening assessment due to disallowance of depreciation and reduced returned loss. The notice was issued after the 4-year period, leading to a challenge. The ITAT deemed the reopening as a change of opinion, thus invalid. The Court found that the assessing officer lacked tangible evidence for the reassessment and that the assessee had disclosed all necessary facts. Relying on the Kelvinator of India case, the Tribunal's decision was upheld in favor of the assessee.

View Source

← Previous Next →

The High Court addressed the issue of reopening assessment due ...

Court ruled against reopening assessment after 4 years. Assessee's disclosure was enough.

Case Laws Income Tax

June 29, 2024

You may also like:

Reopening of assessment u/s 147 - assessment after 4 years - reason to suspect OR reason to believe - Reopening of assessment which is already concluded under Section...

Reopening of assessment u/s 147 - Reopning after 4 years - As per the mandate of law, even where a concluded assessment is sought to be reopened by the A.O within a...

Rectification of error - Period of limitation - The High Court observed that, there is no limitation prescribed for passing order under Section 22(4) of the TNVAT Act,...

Reopening of assessment u/s 147 - while reopening no allegation was made by the learned AO of failure on the part of the assessee to disclose fully and truly all...

Reopening of assessment u/s 147 - reopening after expiry of four years - Original assessment have been passed under section 143(3) on Dated 14.12.2011 and A.O. recorded...

Validity of reopening of assessment u/s 147 - by the time, assessment order for the assessment year 2004-05 was passed on 31.12.2010, six year period for reopening of...

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

Reopening of assessment u/s 147 - sufficiency or inadequacy of reasons - There is no whisper in the impugned order as regards any failure on the part of petitioner to...

Time Limitation for reopening of asse - The High Court observed that since no returns were filed by the petitioner in time or thereafter as is prescribed under Rule 7 of...

Reopening of assessment u/s 147 - Addition u/s 68 - An alleged non-compliance of summons issued in some other years cannot be reckoned as 'failure on the part of...

CENVAT Credit - capital goods - manufacture of exempted goods - On analysis of CENVAT Credit Rules, 2004 particularly Rule 6(6)(v) which are explanation to Rule 6(4),...

Reopening of assessment u/s 147 after 4 years - Validity of Sanction for issue of notice u/s 151 - respectfully following the aforesaid decision provisions of section...

Reopening of assessment before expiry of 4 years - no sufficient reason to believe - Merely because reopening of assessment was before expiry of four years from the end...

Validity of reopening of assessment u/s 147 - beyond 4 years but within 6 years - Report of the investigation wing might constitute tangible material. The decision to...

Quick Updates: