Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights This

Reopening of assessment u/s 147 - There was live link or ...

Income Tax

Reopening of assessment u/s 147 - There was live link or direct nexus between the material which suggested the escapement of income and information on the basis of which, it could be said that, the income has escaped assessment. Assessing Officer has acted on specific information and after collecting the available material as referred to above has opened his mind through reasons and formed a belief that, the income has escaped assessment. - It is settled law that, at the stage of Section 148 of the Act, what is required is “reason to believe”, but not the established fact of escapement of income. - HC

View Source

 


 

You may also like:

  1. Reopening of assessment u/s 147 - undisclosed LTCG - when the information was specific with regard to transactions of penny stock entered into by the assessee, and the...

  2. Reopening of assessment u/s 147 - Bogus LTCG - AO had applied his independent mind to the information and upon due satisfaction, led to form an opinion that, the amount...

  3. Reopening of assessment u/s 147 - difference pointed out by the DVO in his valuation report - There should be a live link between the material coming to the notice of...

  4. Reopening of assessment u/s 147 - Reopening based on the order of SEBI in cases of reversal trades and accommodation entries - As evidenced that there is no live link or...

  5. Validity of reopening of assessment - need for a direct link between the portal's information and the income allegedly escaping assessment

  6. Reopening of assessment u/s 147 - the notice u/s 148 on the basis of “on verification of records” - the AO has power to reopen the assessment, provided there is...

  7. Reopening of assessment u/s 147 - Assessment of trust - There is a direct live link between the rental income received by the trust and the income shown by the...

  8. Reopening of assessment u/s 147 - As examined the belief of the Assessing Officer to a limited extent to look into whether there was sufficient or any tangible materials...

  9. Reopening of assessment u/s 147 - Addition u/s 68 - The reasons recorded are vague, highly non specific and reflect complete non-application of mind. It is also noted...

  10. Reopening of assessment u/s 147 - Reason to believe - Addition u/s.68 - unsecured loans obtained - the nexus between the alleged material, i.e. the investigation report...

 

Quick Updates:Latest Updates