Validity of reopening of assessment - Addition u/s 69 for ...

Assessment reopened for undisclosed jewellery purchase. Assessee failed to prove legitimacy. Onus on appellant to show credibility. Property income taxed.

Case Laws Income Tax

August 8, 2024

Validity of reopening of assessment - Addition u/s 69 for purchase of jewellery as undisclosed investments. Assessee had substantial transactions but did not file income return. Failed to substantiate jewellery purchase with credible evidence. Onus on appellant to prove genuineness, creditworthiness, and identity not adequately discharged. Bill in assessee's name. Property purchased jointly, no evidence of beneficiary or income. Assessee deemed first owner with beneficial ownership. TDS deducted implies 50% share. Income from property considered u/s 56(2) due to lack of consideration. Dismissed appellant's arguments. ITAT affirmed CIT(A) decision.

View Source

← Previous Next →

Validity of reopening of assessment - Addition u/s 69 for ...

Assessment reopened for undisclosed jewellery purchase. Assessee failed to prove legitimacy. Onus on appellant to show credibility. Property income taxed.

Case Laws Income Tax

August 8, 2024

You may also like:

Reopening of assessment - allegation of undisclosed source of purchase of property - If the Assessing Officer has to say that there are two properties purchased, either...

Validity of reopening of assessment - It is well settled Law that validity of the reassessment proceedings is to be judged with reference to the reasons recorded for...

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:...

Validity of reopening assessment u/s 147 regarding undisclosed foreign bank account income examined. Non-providing sufficient opportunities and violation of principles...

Reopening of assessment u/s 147 was invalid as there was no failure by the assessee to disclose material facts. The assessment was reopened solely based on information...

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...

The assessee received Rs. 125 lacs in cash from SGCFCL for facilitation work, which was not recorded in the books. The assessee claimed the amount was paid to 2500...

The assessment order was challenged on the grounds of validity of reopening after four years, based on a change of opinion and borrowed satisfaction. The assessee...

The case pertains to the validity of reopening of assessment by the Assessing Officer (AO) and the characterization of short-term capital gains (STCG) from the sale of...

Reopening of assessment u/s 147 - reason to believe - there was tangible material before the AO to reopen the concluded assessment as the assessee is claiming huge...

Assessment u/s 153C - Undisclosed investment u/s 69 r.w.s 115BBE - Whether incriminating material belonging to Assessee found during the course of search on the basis of...

Reopening of assessment u/s 147 - bogus purchases - AO having not carried out the scrutiny assessment within the prescribed statutory limit, cannot be given another...

Reopening of assessment u/s 147 - In case incorrect, wrong and non-existing reasons are recorded by the A.O. for reopening of the assessment and A.O. failed to verify...

Bogus sale purchase transactions - providing accommodation entries - Though it is not the case of reopening but assessment, hence the higher burden lies on the assessee...

Validity of Assessment u/s 153A - in cases where the assessment or reassessment proceedings have already been completed and assessment orders have been passed, which...

Quick Updates: