Home Highlights August 2011 Year 2011 This

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1. AO has power to consider any other income even beyond the reason for which the assessment was reopened u/s 147 – AT

2. Reopening of assessment u/s 147 - reasons to believe - no income under the head income from House Property has been offered by the assessee during the year under...

3. Validity of reopening of assessment u/s 147 - AO has not even made minimum exercise for ascertaining the unsecured loans accepted during the year, under consideration...

4. 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...

5. Reopening of assessment u/s 147 - No addition being loan given forming the main `reason for escapement of income’ u/s 147 of the Act has been made by the AO and instead,...

6. 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...

7. Reopening of assessment u/s 147 - reasons to believe - bogus transaction - It has been held that even in the reasons recorded when there is no allegation that there was...

8. Reopening of assessment u/s 147 - Reasons for belief that income has escaped assessment - Merely having a reason to believe that income had escaped assessment, is not...

9. Validity of Reopening of assessment u/s 147 - while recording the reasons, the AO has considered the relevant facts like issue of stock in trade, the way in which the...

10. Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

11. Reopening of assessment u/s 147 - eligibility of reasons to believe - the foundation on which the AO based his belief that income chargeable to tax had escaped...

12. 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...

13. 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,...

14. Reopening of assessment u/s 147 - reasons to believe - roving enquiry - accommodation entries - The exercise undertaken by revenue and the reasons to reopen the...

15. Reopening of assessment u/s 147 - reason to believe - the Ld. AO has absolutely changed his view which was formed initially and which was formed while concluding the...