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Income Tax - Highlights / Catch Notes

Home Highlights March 2018 Year 2018 This

Reassessment u/s 147 - the reasons for initiation of the ...

Income Tax

March 27, 2018

Reassessment u/s 147 - the reasons for initiation of the proceedings as assigned by the Respondent-Assessing Authority, prima facie, indicates that the Assessing Authority had sufficient and reasonable reasons to initiate such proceedings - petition dismissed as premature - HC

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  2. Reopening of assessment u/s 147 - It is well established that the reasons recorded by the AO cannot be further be substituted or added or deleted - We are of the view...

  3. Reopening of assessment u/s 147 - Initiation of reassessment proceedings, u/s.148 of the Act and issued notice to the assessee was based on valid reason on the strength...

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  5. Validity of the reassessment proceeding framed u/s 147 - Admittedly, the addition on account of bogus purchases has been made by the AO which is sufficient enough for...

  6. Reassessment u/s 147 - Merely because the quantum of income which is finally determined is lower than the amount specified in the reasons, the same cannot be the basis...

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  8. Reopening of assessment u/s 147 - Unexplained loan transaction - If it emerges from the reasons recorded, which, in turn, are based on some cogent material, that the AO...

  9. Reopening of assessment u/s 147 - Plainly, in the facts as noted above, no sanction was required to be obtained at the stage of initiation of reassessment proceedings....

  10. Reopening of assessment u/s 147 v/s assessment u/s 153C - proceedings initiated u/s 132 - The correct course of reassessment is under section 153C not under section 147...

 

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