The assessee's appeal against the Commissioner's revision order ...

Tribunal upholds Commissioner's revision order despite flaws in reopened assessment.

Case Laws Income Tax

October 1, 2024

The assessee's appeal against the Commissioner's revision order u/s 263 was dismissed. The Tribunal held that the Assessing Officer (AO), after reopening the assessment u/s 147, failed to conduct a detailed inquiry and verification regarding the reasons for reopening and the genuineness of the transactions. The order passed u/s 147 read with Section 144B lacked findings on these aspects, rendering it erroneous and prejudicial to the Revenue's interests. The Tribunal rejected the contentions regarding non-application of mind by the Commissioner and the invalidity of the order u/s 147 due to non-addition of income. It held that the AO can make additions on other issues even if no addition is made for the reasons for reopening, and the order u/s 147 does not become invalid merely because the returned income was accepted. The Tribunal affirmed the Commissioner's revisionary jurisdiction u/s 263 in such cases.

View Source

← Previous Next →

The assessee's appeal against the Commissioner's revision order ...

Tribunal upholds Commissioner's revision order despite flaws in reopened assessment.

Case Laws Income Tax

October 1, 2024

You may also like:

The Appellate Tribunal (ITAT) considered the validity of reopening an assessment where the assessee's objections were not addressed. The power to reopen assessment lies...

The Appellate Tribunal considered the validity of the reopening of assessment u/s 147 beyond four years. The assessment was based on notes to accounts for AY 2009-10....

Validity of reopening of assessment - reasons to believe - The Appellate Tribunal scrutinized the reasons recorded for the reopening of the assessment and found several...

Reopening of assessment u/s 147 - assessment is in pursuance of an order on appeal, etc. u/s 150 - Already order of the Tribunal has been given effect to by the...

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...

Reopening of assessment u/s 147 was challenged. The Assessing Officer (AO) had disallowed 20% of total sundry creditors in the regular assessment u/s 143(3). The AO...

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 assessee's claim for deduction u/s 80IC for the finished products manufactured at Unit No. III at Paonta Sahib, Himachal Pradesh, was initially allowed but later...

Reopening of assessment u/s 147 - Period of limitation - The audit party is entitled to point out a factual error or omission in the assessment. reopening of the...

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...

The Appellate Tribunal examined the reopening of assessment after four years and the addition u/s 68 of the Income Tax Act. It held that the original assessment was...

Reopening of assessment u/s 147 - AO has reasons to believe that such payments which were not considered during the original assessment escaped assessment and therefore,...

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...

Reopening of assessment u/s 147 - addition u/s 68 - The law regarding reopening of assessment is well-settled. The reliance placed upon the findings of the earlier...

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...

Quick Updates: