Home Highlights May 2013 Year 2013 This

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1. Re opening of assessment - Revenue Department had enough information in its possession, therefore fully empowered to reopen the assessment or otherwise assess this assessee - AT

2. Reopening of assessment u/s 147 - Reasons to believe - The ITAT thoroughly examined the reasons recorded by the AO for re-opening the assessment and found that there was...

3. Reopening of assessment u/s 147 - since the proposed re-opening has been issued after expiry of four years of the end of the relevant assessment year, proviso to Section...

4. Reopening of assessment u/s 147 - assumption of jurisdiction u/s 148 - For a mere verification of the claim, the power of reopening of the assessment could not be...

5. Reopening of assessment u/s 147 - bogus purchases - to what exact income had escaped assessment may be open for argument, nevertheless, would not be a ground to quash...

6. Reopening of assessment u/s 147 - double deduction u/s 80IB - In the reasons for re-opening, there is not even a whisper as to what was not disclosed. In our view, this...

7. Reopening of assessment - claim of deduction u/s 10A denied - scrutiny assessment was conducted - It was not be open for the Assessing Officer to reopen such assessment...

8. Reassessment u/s 147 - failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment - AO had examined the claim for...

9. Reopening of assessment - siphoning of funds - assessee was under a duty to disclose these particulars fully and truly at the time of the original assessment - Notice...

10. Re-opening of proceedings - Only revisional authority has power to seek re-opening of proceedings when Re-assessment order was prejudicial to the interest of revenue - HC