The High Court held that the reassessment proceedings initiated ...

Reassessment notice invalid if no new evidence of escaped income, mere disclosure insufficient.

October 11, 2024

Case Laws Income Tax HC

The High Court held that the reassessment proceedings initiated u/s 148 were invalid. The assessee, a partner in a firm, had disclosed all financial transactions and deposits in the bank account. The Assessing Officer did not have any fresh tangible material to form a reasonable belief that income had escaped assessment, apart from the disclosed information. Merely disclosing financial transactions exceeding taxable limits does not justify reopening the assessment without additional evidence of escaped income. The court concluded that the reassessment notice was untenable and allowed the petition, quashing the reopening proceedings.

View Source

← Previous Next →

The High Court held that the reassessment proceedings initiated ...

Reassessment notice invalid if no new evidence of escaped income, mere disclosure insufficient.

October 11, 2024

Case Laws Income Tax HC

You may also like:

Reopening of assessment u/s 147 was invalid as statement recorded during survey cannot be solely relied upon without tangible material. Admission of additional income by...

The High Court ruled that the Joint Assistant Commissioner (JAO) lacked jurisdiction to issue notices u/s 148 for reassessment of income escaping assessment. The notices...

Validity of Faceless assessment of income escaping assessment u/s 151 - According to Petitioners, the notice could have been issued only by the Faceless Assessing...

Jurisdiction to issue Notice u/s 148 of the Income Tax Act - Issuance of Notice u/s 148 for income escaping assessment on the basis of ‘Borrowed satisfaction’ -...

The High Court held that the reassessment order dated 12.05.2023 and subsequent proceedings were invalid as they were beyond the statutory limitation period prescribed...

The High Court held that the Assessing Officer (AO) lacked sufficient material or evidence to reopen the assessment u/s 147 for the Assessment Year 2013-14 in respect of...

HC quashed reassessment notices and order finding them invalid under Section 147 of Income Tax Act. Notices issued after four years were without fresh material...

The High Court held that the reassessment proceedings initiated by the Revenue were invalid due to the absence of any failure on the part of the assessee to disclose...

Penalty u/s 271(1)(c) - Assessee filed return of income in response to notice u/s 148 - No difference between returned income and assessed income - Assessee voluntarily...

Reassessment action initiated based on Section 148 notice and subsequent Section 148A(b) notice violated the First Proviso to Section 149(1) and was barred by the...

Notice u/s 143(2) issued by a non-jurisdictional Assessing Officer/Deputy Commissioner is invalid and cannot be cured. The assessment order framed u/s 143(3) based on...

The court held that the Joint Assessing Officer (JAO) lacked jurisdiction to issue notices u/s 148 of the Income Tax Act for reassessment, as per Section 151A read with...

Reassessment notice u/s 148 - in pursuant to notice u/s 142(1), petitioner had furnished complete details with various documentary evidence and case was discussed by the...

ITAT invalidated reassessment proceedings due to jurisdictional defects in notice issuance under s.148. ITO Ward 3(2), Bulandsahar transferred assessee's records to ITO...

The ITAT held that the limitation period for issuing a notice u/s 143(2) is relevant to the financial year and assessment year. When the Assessing Officer considered the...

Quick Updates: