Validity of Reopening of assessment - tangible materials - ...

Income Tax

March 20, 2024

Validity of Reopening of assessment - tangible materials - petitioner had failed to deduct withholding tax on the assumption that the AAR would issue a favourable ruling - The High court observed that the reassessment proceedings were initiated on a factual error regarding the scope of transactions covered by the AAR application. It held that if reassessment proceedings are initiated mechanically or on a wrong factual basis, they may warrant interference. - Regarding the approval for reassessment, the court found that the Chief Commissioner of Income Tax was not a specified authority u/s 151 for the relevant assessment years, rendering the reassessment proceedings invalid. - Consequently, the court quashed the impugned orders and notices, rendering the assessment orders null and void.

View Source

← Previous Next →

Validity of Reopening of assessment - tangible materials - ...

Income Tax

March 20, 2024

You may also like:

Validity of reopening of assessment u/s 147 - Reason to believe - The court scrutinized the purported tangible material for reopening, which consisted of audit...

Reopening of assessment - mere information conveyed by DIT does not constitute to be a tangible material to re-assess the assessee company without any independent...

Validity of reopening of assessment - It is well settled Law that validity of the reassessment proceedings is to be judged with reference to the reasons recorded for...

Reopening of assessment u/s 147 - there is prima facie tangible material to form an opinion that the income has escaped assessment and the assessee failed to disclose...

Reopening of assessment u/s 147 r.w.s. 148 - We reject the argument of AR that even in the case where there is no assessment made by the AO or the return is processed...

Reopening of assessment u/s 147 - Reasons to believe - It is not the case of the revenue that, subsequently i.e. after the order of scrutiny assessment, the assessing...

Validity of reopening of assessment u/s 147 - reasons to believe - increase in share capital - There was no allegation that there is any failure on the part of the...

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...

Reopening of assessment - validity of reasons to believe - AO has failed to refer to any tangible material coming to his knowledge - re-assessment proceedings were...

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...

Quick Updates: