Reopening of assessment u/s 147 - unexplained share application ...

Reassessment u/s 147 Quashed Due to AO's Reliance on Investigation Report Without Independent Judgment.

May 1, 2021

Case Laws Income Tax AT

Reopening of assessment u/s 147 - unexplained share application money - non independent application of mind by AO - In the present case also since the AO acted upon the report of the investigation wing and on that basis initiated the proceedings for reopening the assessment by issuing the notice under section 148 of the Act therefore reassessment proceedings were not valid. In that view of the matter also the reassessment framed by the AO deserves to be quashed. - AT

View Source

← Previous Next →

Reopening of assessment u/s 147 - unexplained share application ...

Reassessment u/s 147 Quashed Due to AO's Reliance on Investigation Report Without Independent Judgment.

May 1, 2021

Case Laws Income Tax AT

You may also like:

Reopening of assessment u/s 147 - - reopening based on report of the Investigation Wing - Assessing officer can rely on the report of DIT, Investigation Wing but at the...

The HC quashed reassessment notices under Section 147 of the Income Tax Act, finding that the Assessing Officer failed to properly consider the Investigation Wing's...

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 Kolkata examined the validity of reassessment proceedings based on "reasons to believe" u/s 147. The AO's reasons lacked independent application of mind, being...

Validity of reopening of assessment u/s 147 - beyond 4 years but within 6 years - Report of the investigation wing might constitute tangible material. The decision to...

Validity of the assessment order passed u/s 147 r.w.s. 143(3) - post search assessment - in the case on hand the pending reassessment proceedings u/s 147 got abated by...

The case involves the validity of reopening of assessment u/s 147/148 based on reasons to believe, where the head of income was changed from business to income from...

Reopening of assessment u/s 147 - AO was not having even the material before him, at the time of initiation of proceedings, on the basis of which the Investigation Wing...

Validity of Reopening of assessment u/s 147 - eligibility of reasons to believe - initiation of reassessment proceedings u/s.147 of the Act, issuance of notice u/s.147...

The High Court held that the reassessment proceedings initiated by the Revenue were invalid due to the absence of any failure on the part of the assessee to disclose...

Reassessment u/s 147 - approval u/s 151 - Recommended for approval u/s 147 of the Act/Yes. I am satisfied - both the approving authorities have given approval in a...

Reassessment u/s. 147 or 153C - the information of alleged accommodation entries was passed on to the AO of the assessee by the investigation wing - no material...

ITAT held that the Assessing Officer (AO) lacks jurisdiction to reopen assessment under section 147. The AO failed to establish a genuine reason to believe income...

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...

Reopening of assessment u/s 147 - The High Court dismissed the appeal filed by the revenue, affirming the decision of the Income Tax Appellate Tribunal (ITAT) that...

Quick Updates: