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Income Tax - Highlights / Catch Notes

Home Highlights August 2014 Year 2014 This

Reopening of assessment u/s 147 - There is a difference between ...

Income Tax

August 27, 2014

Reopening of assessment u/s 147 - There is a difference between the power to review and power to reassess - Placing such a restriction on the power of assessment of the assessing authority is contrary to the scheme of the Act, besides would operate to cause prejudice to the Revenue - AT

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  1. Reopening of assessment u/s 147 - power to review v/s power to reassess - Only material relied upon by the assessing officer, in this case, is the material supplied by...

  2. Validity of reopening of assessment u/s 144/147 - AO can very well assess as well as reassess the ROI if it is so done - AT

  3. Reopening of assessment u/s 147 - reason to believe - Assessing Officer has no power to review; he has the power to re-assess. But re-assessment has to be based on...

  4. 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.

  5. Reopening of assessment u/s 147 - There is no power granted to the AO under the statute to review the order in the garb of initiating the proceedings under section 147...

  6. Reassessment order u/s 147 - the AO does not enjoy the power of review. Therefore in the present case it is clear that the action of the present AO tantamount to review...

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

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

  9. When reopening u/s 147/148 under the given circumstances is itself not permissible, the AO is not empowered to review the applicability of section 10BA - AT

  10. Reopening of assessment - AO has no power to review; he has the power to re-assess. But re-assessment has to be based on fulfillment of certain pre-condition and if the...

 

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