Tag: reasons recorded
Belief of income escapement must indicate income escaping assessment than need of probe which may, or may not, lead to income escaping assessment. Reopening to verify source of cash deposits in bank is no requisite satisfaction ABCAUS Case Law Citation:ABCAUS 3231 (2020) (01) ITAT Important case law relied …
Notice u/s 148 approval recording satisfaction “Yes, I am satisfied on the reasons recorded by the AO that it is a fit case for issue of notice u/s. 148 of the I.T. Act.” invalid ABCAUS Case Law Citation:ABCAUS 3228 (2020) (01) ITAT Important case law relied upon by …
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 …
