Home Highlights February 2013 Year 2013 This

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1. Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

2. Validity of reopening of assessment - The case involved a dispute over the deletion of addition on account of undisclosed capital gain and the validity of the assessment...

3. Treatment to income Declared under IDS-2016 - undisclosed income U/s. 68 r.w.s 115BBE OR capital gains - Merely because the assessee failed to discharge the tax...

4. Undisclosed Capital gain - Scope of block assessment proceedings - AO is concerned only with undisclosed income and he has no power to consider material and evidence not...

5. Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

6. Validity of re-opening of assessment u/s 147 - Procedure of recording satisfaction for reopening assessment - notice beyond period of four years - The ITAT observed...

7. Reopening of assessment - concept of change of opinion - The court agreed with the petitioner's argument, stating that the reopening of the assessment was indeed based...

8. Reopening of assessment - determination of the 'income chargeable to tax' - The amount of “capital gain” is to be considered or the “entire sale consideration” to be...

9. Income from other source OR Capital gain - Correct head of income - relinquishing the right acquired under the Agreement by the Assessee - income from relinquishing...

10. 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...

11. Reopening of assessment u/s 147 - review v/s reopening - AO has allowed the Long Term Capital Gains and Short Term Capital Gains claimed by the assessee considering the...

12. Reopening of assessment - notice issued after the expiry of more than 4 years - Capitalization of interest income - The High Court observed that, the AO having raised a...

13. 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...

14. Reopening of assessment u/s 147 - reasons to believe - The High court observes that all the issues raised in the notice for reopening were indeed subject to discussion...

15. Reopening of assessment u/s 147 - undisclosed capital gain - a right person is liable to pay tax on his income and no option is available to tax income in the hands of...