Home Highlights March 2015 Year 2015 This

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1. Reopening of assessment u/s 147 - The entire exercise of re-opening would depend upon the reasons recorded by the AO and therefore the reasons recorded to re-open the...

2. Revision u/s 263 by CIT- underassessment of income - CIT doubted the expense claimed u/s. 57(iii) - Claim of general expenses against interest income - No doubt,...

3. Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

4. Disallowance of expenditure incurred under Voluntary Retirement Scheme (VRS) - AO has not examined the details as per the directions of the DRP and has made disallowance...

5. 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...

6. Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

7. Reopening of assessment u/s 147 - recording of satisfaction in mechanical manner - PCIT also mechanically issued permission to reopen the assessment without going into...

8. Reopening of assessment u/s 147 - it appears that the AO has recorded to the effect that he could not refer the matter to the Transfer Pricing Officer nor could he...

9. Reopening of assessment u/s 147 - When the A.O. admits in the notice under section 142(1) Dated 20.10.2014 that assessee filed return of income under section 148 of the...

10. Reopening of assessment u/s 147 - the very basis of reopening of assessment is based on incomplete or wrong facts available on record as the said transaction of sale of...

11. Validity of order u/s 263 - Failure of the AO of examine the income - In the assessment order, there is no discussion about the above referred two incomes nor the...

12. Assessment u/s 153A - unsecured loan taken by the assessee - reliance on statement of third party - When the Assessing Officer and ld. CIT(A) has accepted that the...

13. Revision u/s 263 - unexplained cash credit u/s 68 - the documents were very much available on ‘record’ when the ld PCIT examined this assessment folder. When all these...

14. Validity of Assessment u/s 153C - recording satisfaction note - In the present case there is neither the recording of satisfaction by the AO of the searched person that...

15. Revision u/s 263 - once the AO cannot examine any other issue except the issue as selected for limited scrutiny assessment, the PCIT can examine the only issue which was...