Tag: income escaping assessment

ITAT quashed reassessment on the basis of borrowed belief of Anti-Corruption Bureau without applying mind In a recent judgment, ITAT Ahmedabad has quashed reopening order as the Assessing Officer had reopened the case on the basis of borrowed belief of Anti-Corruption Bureau without applying his mind to the …

Section 148 of Income Tax Act after 01.04.2021, does not even require recording reason to believe. In a recent judgment, Delhi High Court has held that language of section 148 of the Income Tax Act after 01.04.2021, does not even require recording reason to believe much less possession …

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 …

Where belief of escapement of income as per reasons recorded fails no other addition can be made by the AO – High Court In a recent judgment, Hon’ble Allahabad High Court has upheld that where the belief of escapement of income as per reasons recorded fails no other …

Faceless mechanism for income escaping assessment would not exclude the Central charges and International Taxation charges from its application – ITAT In a recent judgment, ITAT Chandigarh quashed notice under section 148 issued by JAO holding that faceless mechanism for income escaping assessment would not exclude the Central …

Order passed by NFAC quashed as section 151A of e-assessment of income escaping assessment scheme 2022 had not commenced at the time of issuance of notice In A recent judgment, ITAT Guwahati quashed order passed by NFAC as the provisions of Section 151A had not come into operation …

Merely non furnishing of purchase & sale register would not amount to escapement of income In a recent judgment, the Hon’ble Supreme Court dismissed the SLP against the judgment of Gujarat High Court holding that and merely non furnishing of purchase and sale register would not amount to …

Escapement of income is to be examined in the original return and not the return filed in response to notice u/s 148 of the Act – ITAT In a recent judgment, ITAT Chennai has quashed the reassessment order observing that the issue whether the assessee has underdeclared income …

Failure of AO to draw inferences cannot mean that the petitioner had not disclosed all the material facts – High Court In a recent judgment, Hon’ble High Court has held that assessee’s duty is only to disclose primary facts and it is for the Assessing Officer (AO) to …

Re-assessment order upheld despite where no addition was made for reasons on the basis of which the reassessment was initiated. In a recent judgment, Hon’ble Guwahati High Court has upheld the re-assessment order where no addition was made in regard to the reasons on the basis of which …