Reopening of assessment - bogus expenditure - There is nothing ...

Income Tax

August 3, 2018

Reopening of assessment - bogus expenditure - There is nothing to show that the entities to whom payments were made (by the assessee) were fictitious; in fact TDS amounts were apparently deducted. There was no fresh evidence supporting the reassessment. Consequently, there was no tangible, specific material to justify the impugned reassessment notice.

View Source

← Previous Next →

Reopening of assessment - bogus expenditure - There is nothing ...

Income Tax

August 3, 2018

You may also like:

Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

Validity of reopening of assessment - notice against non existent entity / amalgamated company - Notices issued.

Reopening of assessment u/s 147 - reason to believe - there was tangible material before the AO to reopen the concluded assessment as the assessee is claiming huge...

Bogus deduction u/s. 35(1)(ii) - party to whom payment made has been made found to be bogus entity - The payee was duly approved when the payment was done. By no stretch...

Reassessment of assessment u/s 147 - Reason to believe - unexplained credit - In the reasons recorded, it is nowhere mentioned as to who had given bogus...

TDS u/s 195 - use of logo - license fee payment without deducting TDS SUPIMA, USA - Agreement clearly shows that the payment is made by the assessee to use the Logo of...

Revision u/s 254 - NP estimation on turnover - Bogus bills for purchase of diamonds - it is nothing, but a bogus claim of expenditure recorded in the books of accounts...

Validity of reopening of assessment u/s 147 - AO has not even made minimum exercise for ascertaining the unsecured loans accepted during the year, under consideration...

Reopening of assessment u/s 147 - Reopening beyond period of four years - reasons to believe - Even assuming, Revenues’ case is petitioner should have disclosed that...

Reopening of assessment u/s 147 - Unexplained loan - There were no justification for the A.O. to record non-existing, incorrect and wrong facts in the reasons for...

Faceless Assessment - procedure for making assessment - The final assessment order is not made in accordance with the procedure laid down u/s 144B (xvi)(b) of the Act as...

Reopening of assessment u/s 147 - AO has reasons to believe that such payments which were not considered during the original assessment escaped assessment and therefore,...

Validity of reopening of assessment - It is well settled Law that validity of the reassessment proceedings is to be judged with reference to the reasons recorded for...

Reopening of assessment u/s 147 - validity of second show cause notice - The subsequent issuance of the notice cannot be said to be dropping the earlier show cause...

Disallowance of contractor expenses - whether payment made to sub-contractors are bogus - assessee is able to show the commercial expediency to incur the expenditure...

Quick Updates: