ITAT ruled against reopening of assessment under s.147 beyond ...

Assessment Reopening Under Section 147 Denied Due To Time Bar And Lack Of Independent Investigation

February 1, 2025

Case Laws Income Tax AT

ITAT ruled against reopening of assessment under s.147 beyond four-year limitation period, finding no independent application of mind by AO or CIT(A). The tribunal rejected additions under s.68 regarding alleged accommodation entries, as the assessee provided sufficient evidence including ledger copies, invoices, and transport details for genuine business transactions. The revenue authorities' reliance on Investigation Unit's information without allowing cross-examination was deemed improper. The tribunal also dismissed allegations of unexplained commission payments for accommodation entries, noting the transactions were legitimate sales receipts from previous year, not undisclosed loans or share capital. Additions made purely on third-party information without corroborating evidence were set aside.

View Source

← Previous Next →

ITAT ruled against reopening of assessment under s.147 beyond ...

Assessment Reopening Under Section 147 Denied Due To Time Bar And Lack Of Independent Investigation

February 1, 2025

Case Laws Income Tax AT

You may also like:

Validity of Assessment order as time barred - delay dispatching assessment order - The Tribunal, after considering the submissions and relevant precedents, concluded...

Conduct of Assessment Proceedings electronically in time-barring scrutiny cases - Order u/s 119

The final assessment order passed by the Assessing Officer u/s 147 read with Section 144C(13) for the Assessment Year 2016-17 is quashed as barred by limitation. Except...

The Kerala High Court addressed a case involving the denial of Input Tax Credit (ITC) and a challenge to an assessment order on the grounds of being time-barred. The...

The case involves a Section 9 application to determine if payment for ten invoices by the Operational Creditor was time-barred and if a preexisting dispute existed. The...

Validity of order - Faceless Assessment - draft assessment order u/s 144B - It hardly stood to reason that the department refused the request of the assessee for grant...

The Income Tax Appellate Tribunal (ITAT) held that the final assessment order passed by the Assessing Officer (AO) u/s 144C(4) read with Section 147 of the Income Tax...

This case involves a challenge to an order of re-assessment under the relevant tax laws. The key points are: The petitioner failed to submit monthly returns within the...

The concept of protective assessment also becomes important in a situation where the addition on substantive basis is deleted and in such an event, protective assessment...

Assessment u/s 144C(13) - Time limit for completion of assessments and reassessments - Sub-section (13) to Section 144C, in my view, imposes a restriction on the...

The High Court revisited the reopening of assessment u/s 147 due to the assessee's involvement in penny share transactions. The petitioner invested in shares through IPO...

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...

HC held reassessment proceedings initiated u/s 148 were invalid due to statutory limitation u/s 149. The original notice was set aside for lacking mandatory approvals...

The Tribunal held that the assessment order passed by the Assessing Officer was barred by limitation and quashed it. As per Section 144C(13) read with Section 143(3),...

The ITAT Delhi held that the assessment u/s 144C(13) was time-barred, questioning the legality of the final assessment order. Referring to the case of GS Chatha Rice...

Quick Updates: