Tag: reasons recorded
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 …
Reasons recorded must withstand test of judicial scrutiny at any stage. Other materials can not be used to test application of mind. ABCAUS Case Law Citation:ABCAUS 3126 (2019) (08) ITAT Important case law relied upon by the parties:GKN Driveshafts (India) Ltd. v. ITO (2002) 125 Taxman 963(S.C)M/s GinniFilaments …
Reopening u/s 148 alleging evidence discovered with due diligence quashed as no specific failure on part of the assessee was stated. SC dismisses SLP of the Department ABCAUS Case Law Citation:ABCAUS 3110 (2019) (08) SC The respondent assessee was a company. For the relevant assessment year it had …
Merely a judgment rendered can not be a basis / ground for reopening an assessment u/s 147 unless assessee fails to disclose material facts truly & fully ABCAUS Case Law Citation:ABCAUS 3108 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. M/s. Ansal Housing Finance …
Reopening for not replying to invalid and non est inquiry letter for cash deposited in bank quashed. Deposit per se cannot be income of assessee. ABCAUS Case Law Citation:ABCAUS 3106 (2019) (08) ITAT Important case law relied upon by the parties:Tajendra Kumar Ghai Vs ITO In the instant …
Change of opinion not permissible for invoking proceedings u/s 147. ITAT quashed reassessment for payment of managerial remuneration in proprietorship firm ABCAUS Case Law Citation:ABCAUS 3099 (2019) (08) ITAT Important case law relied upon by the parties:CIT v. Kelvinator of India Ltd.: 320 ITR 561(SC) The instant appeal …
No question to supply reasons recorded unless return is filed u/s 148. ITAT dismissed the ground never raised before the authorities below ABCAUS Case Law Citation:ABCAUS 3086 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Union of India & Others vs. Rai Singh Deb Singh Bist …
Reopening due to change in method of accounting for NPA quashed as it was notified in audited accounts. SC dismissed SLP of Revenue ABCAUS Case Law Citation:ABCAUS 3069 (2019) (07) SC The Assessing Officer (AO) had initiated re-assessment proceedings against the respondent bank under Section 147 read with …
If AO examines a claim and not reject it then it can’t be said that AO had not formed any opinion so as reopen the case without any new or additional material-SC dismisses SLP of ITD ABCAUS Case Law Citation:ABCAUS 3055 (2019) (07) SC Important Case Laws Cited/relied …
No Revision u/s 263 when assessment order was void and did not exist in law for not following procedure laid down by Supreme Court in GKN Drivesshaft ABCAUS Case Law Citation: ABCAUS 3049 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: CIT Vs. VSNL (2012) …
