Reopening of assessment - The duty of the assessee is to ...

Taxpayer's Duty Met: AO Cannot Infer Past Years for Reassessment; Cash Transaction Reasoning Deemed Vague.

February 27, 2019

Case Laws Income Tax HC

Reopening of assessment - The duty of the assessee is to disclose the bank statements for the relevant year, which it did. As to what inferences are to be drawn for the previous years is not within the remit of the AO and consequently of no relevance whatsoever at least in considering whether to issue or not to issue reassessment notice, on just cash intensive transactions; clearly, this reason is vague and unjustified

View Source

← Previous Next →

Reopening of assessment - The duty of the assessee is to ...

Taxpayer's Duty Met: AO Cannot Infer Past Years for Reassessment; Cash Transaction Reasoning Deemed Vague.

February 27, 2019

Case Laws Income Tax HC

You may also like:

Validity of reassessment proceedings u/s 147, the requirement of fresh tangible material for reopening assessment, and the disallowance of expenditure incurred on DAP,...

ITAT allowed taxpayer's appeal, finding cash payments for land purchase were genuine business transactions. The tribunal determined payments were made out of commercial...

The Delhi High Court examined the validity of reassessment proceedings u/s 147 after a four-year lapse. The court emphasized the requirement of "reasons to believe" for...

HC held that the AO's reassessment notice under Section 147 was invalid. The AO mechanically recorded reasons based on third-party information without providing...

The ITAT Ahmedabad considered the validity of reassessment proceedings based on borrowed satisfaction by the AO. The AO alleged non-independent application of mind by...

The Appellate Tribunal considered the validity of reassessment proceedings u/s 147 regarding unexplained investment u/s 69 and whether it is taxable in the current...

The assessee, a septuagenarian gynecologist with no business income during the year, made cash deposits totaling Rs. 10 lakh in her bank account during demonetization....

Addition u/s 68 - We do not understand proposition of the assessee that cash had changed the hands from the company to its promoter–Director without any reason and there...

The assessee's unexplained cash credits u/s 68 were deleted by the CIT(A) after accepting the submissions that the cash receipts from various sources like cash sales,...

HC upheld the reassessment proceedings against the taxpayer, finding the AO's reopening of the assessment valid. The court determined that the statutory provisions do...

Unexplained income u/s 69A - undisclosed cash deposit in bank a/c - Department had also accepted the generation and availability of cash because of agricultural income...

Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

ITAT invalidated reassessment proceedings under s.147 and subsequent revision under s.263 concerning alleged accommodation entries treated as long-term capital gains....

Issue of reassessment u/s 263, where the Commissioner of Income Tax (CIT) upheld the reassessment as erroneous and prejudicial to the Revenue's interest for verification...

Addition u/s 68 for director's loan ledger account was made by assessing officer (AO) considering transactions not matching previous year's financial statements....

Quick Updates: