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Income Tax - Highlights / Catch Notes

Home Highlights June 2019 Year 2019 This

Reassessment u/s 147 - existence of Settlement Commission order ...

Income Tax

June 21, 2019

Reassessment u/s 147 - existence of Settlement Commission order in the relevant AY - concluded assessment by Settlement Commission u/s 245D(4) can only be reopened in case of fraud or misrepresentation of facts, as per section 245D(6) - the assumption of jurisdiction u/s 147 is invalid and without authority of law irrespective of sufficient material for the AO to form the belief for escaped assessment

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  2. Reopening of assessment u/s 147 - AO has re-appreciated trial balance-sheet which is also available to him when original assessment order was passed and alleged...

  3. Reassessment against company not in existence - assessment of income in the year of discontinuance or even after discontinuance - Tribunal committed an error in not...

  4. Validity of order of settlement commission – the Settlement Commission had no power of rectification at the relevant time – the order is required to be set aside - HC

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  6. Reassessment u/s 147 - within 4 years from the end of relevant AY - when no opinion was formed by Ld. AO on any issue during original assessment proceedings and the same...

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