Tag: change of opinion
Supreme Court explains meaning and scope of “reason to believe” u/s 147 and when reopening can be said to be mere change of opinion. In a recent judgment, Hon’ble Supreme Court has explained the meaning and scope of “reason to believe” under Section 147 of Income Tax Act …
AO after dropping an issue in assessment u/s 143(3) for lack of evidence is competent to re-open such issue upon gathering necessary information – Calcutta High Court In a recent judgment, Hon’ble Calcutta High Court has held that the jurisdictional assessing officer after having dropped an issue on …
Change of opinion not a jurisdictional issue-Writ Petition against notice u/s 148 was dismissed by the High Court due to alternative remedy. In a recent judgment, Hon’ble High Court of Jharkhand has dismissed a Writ Petition against notice u/s 148 holding that change in opinion cannot be said …
Dropped Reassessment proceedings revived by corrigendum on change of opinion without any new material not allowable. In a recent judgment, Hon’ble High Court has held that once dropped Reassessment proceedings revived by corrigendum on change of opinion without any new material not allowable ABCAUS Case Law Citation:ABCAUS 4140 …
Validity of Notice u/s 148. It is not necessary that original assessment order should contain discussion to disclose satisfaction. ABCAUS Case Law Citation:ABCAUS 3657 (2023) (02) SC Important Case Laws covered:Aroni Commercials Ltd. vs. Deputy Commissioner of Income Tax 2014] 44 taxmann.com 304 (Bombay) In the instant case, …
Manner and contents of assessment order framed not determinative whether or not reopening is a case of change of opinion – Supreme Court ABCAUS Case Law CitationABCAUS 3653 (2023) (02) SC Important Case Laws covered:Commissioner of Income Tax v. Kelvinator India Limited reported in 320 ITR 561 SCCommissioner …
A general statement that escapement of income is due to failure of assessee to disclose fully and truly all material facts necessary for his assessment is not enough and is change of opinion. Hon’ble Supreme Court dismisses SLP of Department ABCAUS Case Law CitationABCAUS 3609 (2022) (08) SC …
Non-rejection of explanation in Assessment Order amounts to AO accepting it hence no reopening on change of opinion. SC upholds High Court judgment ABCAUS Case Law Citation:ABCAUS 3322 (2020) (06) SC In a recent judgment, the Hon’ble Supreme Court had dismissed the Special Leave Petition filed by the …
Reopening for escaped FDR income upheld when in original assessment profits was estimated only on contract income ignoring interest income ABCAUS Case Law Citation:ABCAUS 3140 (2019) (09) ITAT Important case law relied upon by the parties:ACIT vs. Rajesh Jhaveri Stock Brokers P. Ltd.’ 2007 291 ITR 500Raymond Woolen …
Reopening done at the insistence of CIT held as change of opinion and was vitiated in law as it did not satisfy the legal requirement of Section 147 of the Act ABCAUS Case Law Citation:ABCAUS 3124 (2019) (08) HC Important case law relied upon by the parties:Larsen and …
