Reopening of assessment u/s 147 - source of funds for investment ...

Income Tax

June 3, 2021

Reopening of assessment u/s 147 - source of funds for investment in property - No doubt the assessee was not a regular tax payer and thus, no return could be consulted by the Assessing Officer while exercising the powers of re-opening. However, the fact remains that it was incumbent on him to at least check the facts recorded in the Sale Deed carefully ascertaining the extent of the assessee's contribution. - The public at large cannot be put to the mercies of careless, casual, arbitrary or whimsical exercise of power. The order deserves to be quashed on this count itself. - AT

View Source

← Previous Next →

Reopening of assessment u/s 147 - source of funds for investment ...

Income Tax

June 3, 2021

You may also like:

Validity of reopening of assessment u/s 147 - source of loan given by the assessee - The sort of enquiry, if warranted, ought to have been conducted in the hands of the...

Reopening of assessment u/ 147 - in absence of primary facts with regard to the sources of investment, the assessing officer has rightly recorded that the assessee has...

Disallowance u/s 14A r.w.r. 8D - sourcing of investment from borrowed funds or own funds - investment is taken as stock-in-trade - ex-parte order - additions confirmed.

Reopening of assessment u/s 147 - reasons to believe - Superannuation fund - Exemption u/s 10(25)(iii) - Evidently, as on the date of issuance of notice of reopening of...

If the AO is allowed to reopen the assessment after the order of the CIT(Appeals), then the tax payers may not have confidence on the judicial system of this country.

Reopening of assessment u/s 147 - Reasons were supplied to the assessee only on 21.11.2017 and assessee on the same day filed the objections to the reopening of the...

Reopening of assessment u/s 147 - where queries have been raised during the assessment proceedings and the assessee has responded to the same, then the non-discussion of...

Reopening of assessment u/s 147 - reasons to believe - no income under the head income from House Property has been offered by the assessee during the year under...

Reopening of assessment - investment out of foreign funds in the assessee’s NRE Accounts - investment in time deposit and mutual funds - Undisputedly, the funds came...

Reopening of assessment u/s 147 - Income from other sources or business income - The impugned reopening itself is not sustainable in the light of the alleged twin...

Quick Updates: