Tag: reasons recorded
Opinion rendered by audit party alone can not be considered as belief of escapement of income which must be made directly and solely by the Income Tax Officer. In a recent judgment, the Hon’ble Supreme Court dismissed SLP of the Revenue against the judgment of the Bombay High …
Notice u/s 148 invalid as reasons recorded incorrect information that return was processed u/s 143(1) and no scrutiny assessment was done under Section 143(3) of the Act. In a recent judgment, Hon’ble Supreme Court has dismissed a SLP of the Revenue against the judgment of the Gujarat High …
Assessment framed u/s 147 without providing assessee copy of reasons to believe despite specific request was without valid assumption of jurisdiction – ITAT In a recent judgment, the ITAT Raipur has held that assessment framed u/s 147 without giving assessee copy of reasons to believe despite specific request …
Quashing of Notice u/s 148 as AO did not apply mind to information received – SC dismissed Special Leave Petition (SLP) of Income Tax Department In a recent judgment, Hon’ble Supreme Court has upheld the quashing of notice u/s 148 by the Bombay High Court where the …
Third party statement taken after recording reasons cannot form basis of Assessing Officer’s “reasons to believe” to reopen the assessment – ITAT In a recent judgment, ITAT Delhi has held that third party statement recorded subsequent to the reasons recorded, cannot form basis of Assessing Officer’s “reasons to …
Section 5A of Income Tax Act is applicable only to division of income between spouses governed by Portuguese Civil Code. Section 5A does not deal with the division of assets. In a recent judgment, Bombay High Court has held that Section 5A of Income Tax Act 1961 is …
Non supplying “reasons to believe” to assessee made the assessment lacking valid assumption of jurisdiction – ITAT In a recent judgment, ITAT Raipur has held that when the Assessing Officer (AO) despite specific request of the assessee failed to provide to him a copy of the “reasons to …
PCIT approval for re-opening only by putting signing was without application of mind -SC dismissed SLP PCIT approval for re-opening only by signing was without application of mind –Supreme Court dismisses SLP of the Income Tax Department In a recent judgment, Hon’ble Supreme Court has dismissed the …
Information from Investigating Wing cannot be sole basis for forming belief that income escaped assessment – High Court In a recent judgment, Hon’ble Delhi High Court has held that information received from Investigating Wing cannot be the sole basis for forming a belief that income of the assessee …
Validity of notice issued u/s 263 based on incorrect grounds or unsupported evidence can be questioned – ITAT In a recent judgment, ITAT Ahmedabad has held that validity of a revision notice issued u/s 263 the Income Tax Act, 1961 based on incorrect grounds or unsupported evidence can …