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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Reopening of assessment u/s 147 - reopening on the basis of ...

Income Tax

July 23, 2019

Reopening of assessment u/s 147 - reopening on the basis of retrospective amendment relating to diminution in the value of any asset is required to be added to the book profit for the purposes of Section 115-JB - the retrospective amendment to any provision cannot be a ground for making re-assessment

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  1. Reopening of finalized assessment u/s 147 after retrospective amendment to Section 80P - reassessment is not valid - HC

  2. In the case of intangible asset being commercial/business rights diminution in value or physical wear and tear is not an essential condition for admissibility for...

  3. Reopening of assessment u/s 147 - period of limitation - the issue relating to limitation is not a curable defect for the Revenue to invoke Section 292B of the Act.

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  10. Diminution in value of inventory - in the case of slow moving items which did not have a ready market, it was permissible for the assessee to adopt a lower value - AT

 

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