Validity of reopening of the case u/s. 147 - Reasons to believe ...

Income Tax

March 14, 2024

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 premium - The ITAT found that the reasons recorded for reopening were vague and lacked specificity, and the approval obtained was mechanical. Additionally, it concluded that the transactions in question were sales of shares held as investments, supported by evidence provided by the appellant. Consequently, the ITAT ruled in favor of the appellant, allowing the appeals and rejecting the additions made by the AO.

View Source

← Previous Next →

Validity of reopening of the case u/s. 147 - Reasons to believe ...

Income Tax

March 14, 2024

You may also like:

Reopening of assessment u/s 147 - reasons to suspect OR reasons to believe - Power u/s 147 cannot be exercised merely on reason of suspicion but there should be reason to believe.

Reopening of assessment u/s 147 - reason to believe - The reasons recorded were totally unfounded and consequently the jurisdictional notice under Section 148 issued by...

Reopening of assessment u/s 147 - Validity of reasons to believe - No linkage of the assessee has been established with the information received from investigation wing...

Reopening of assessment u/s 147/148 - reasons to believe - The Tribunal upheld the validity of the reopening, considering the reasons recorded by the Assessing Officer...

Validity of Reopening of assessment u/s 147 - requirement of recording of “reasons to believe” - validity of jurisdiction assumed by the AO for reopening the case of the...

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 reopening of the assessment u/s 147 - eligibility of reason to believe - hawala transactions - borrowed satisfaction - the A.O in the backdrop of the...

Validity of reopening of assessment u/s 147 - Unexplained cash deposit in the bank account - Apparently, the explanation given by the assessee has been rejected without...

Reopening of assessment u/s 147 - The requirement of section 147 of the Act is the Assessing Officer has reason to believe that income chargeable to tax has escaped...

Reopening of assessment u/s 147 - validity of reasons to believe - undisclosed profit - No approval sought from the Additional Commissioner/Commissioner of Incometax...

Quick Updates: