Home Highlights December 2013 Year 2013 This

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1. Reopening of assessment u/s 147 - Validity of reasons to believe - No linkage of the assessee has been established with the information received from investigation wing...

2. Reopening of assessment u/s 147 - Merely creating a doubt of the transaction does not suffice the Assessing Officer to reopen the case u/s 148 - AO has to give proper...

3. Short shelf-life cannot be equated with no shelf-life. Shelf-life of 2 to 3 days – Product is marketable and excisable - SC

4. Reopening of assessment - Reasons to believe - The reasons itself indicates that the material fact was picked up from the Profit & Loss Account Notes 26 and the...

5. Classification of goods - chlorinated paraffin - It is a settled law that any clarification with regard to any Act will always have retrospective effect for the reason...

6. Reopening of assessment - reason to believe or reason to suspect - The ITAT examined the "reasons recorded" by the AO for reopening the assessment. It noted that the AO...

7. Lower deduction certificate u/s 197 - The reasons proceed only on the basis of the liability, if any, which may, or may not, be fastened upon another group company, i.e....

8. Reopening of assessment u/s 147 - reasons to suspect OR reasons to believe - Power u/s 147 cannot be exercised merely on reason of suspicion but there should be reason to believe.

9. Marketibility/excisability - Milk Crumb - There is no dispute with regard to the shelf life of the product. Shelf life of the product is one of the determinant of the...

10. Principle or the doctrine of mutuality - Tribunal for the earlier years, has held that even if there are non-permanent members, non-life members, temporary or honorary...

11. Income escaping assessment u/s/ 147 - The requirement of law is “reason to believe“ and not “reason to suspect“. In the present case Since the reasons to believe...

12. Recovery of refunded earlier, deposited by each of the petitioners as Education Cess and Secondary and Higher Education Cess - erroneous refund or not - under the facts...

13. Reopening of assessment u/s 147 - Reasons to believe or suspect - huge share transaction - The court held that the reasons provided by the Assessing Officer for...

14. Reopening of assessment u/s 147 - reason to believe - the reassessment proceedings were triggered without the AO applying his own mind and articulating his reasons as to...

15. Reopening of assessment u/s 147 - reasons to believe - It is settled law that the reasons for reopening an assessment can be tested and examined only on the basis of the...