Reopening of assessment u/s 147 - AO while making the regular ...

Income Tax

November 20, 2019

Reopening of assessment u/s 147 - AO while making the regular assessment did not undertake the scrutiny that he should have undertaken in respect of the investment into the share capital of the petitioner by Pranetta Industries Ltd. Though the identity of the investor Pranetta Industries Ltd. stood established, neither the financial capacity/ creditworthiness of the said investor companies, nor the genuineness of the transaction was examined. - Reopening sustained.

View Source

← Previous Next →

Reopening of assessment u/s 147 - AO while making the regular ...

Income Tax

November 20, 2019

You may also like:

Validity of reopening of assessment u/s 147 - assumption of jurisdiction by the ld. AO u/s.147 - He had categorically stated in the reasons that from the records these...

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...

Reopening of assessment u/s 147 - AO recorded his satisfaction about escapement of income for sale of investments - no addition made on this issue - addition made for...

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...

Reopening of assessment u/s 147 - Addition u/s 68 - An alleged non-compliance of summons issued in some other years cannot be reckoned as 'failure on the part of...

Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

Validity of reopening of the case u/s. 147 - Reasons to believe - addition as unexplained cash credit u/s. 68 against sale of shares / investments along with share...

Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

Reopening the assessment - The AO has filed an affidavit apologizing for such lapse of which we take note. - Matter restored before AO

Merely because the claim was not processed during the scrutiny assessment or that such claim was perhaps legally not sustainable, would not vest the jurisdiction in AO...

Quick Updates: