Tag: reopening reasons
Allegation of Paper Companies without further facts insufficient to reopen assessments – SLP dismissed by Supreme Court. High Court laid down guidelines for reopening of assessments u/s 147 and 148 Recently the Supreme Court dismissed the SLP filed by the Income Tax Department against the judgment of the …
CIT need not to given separate reasons for his satisfaction in giving approval u/s 151 for reopening of assessment if reasons recorded by AO have a direct nexus with the information and formation of belief of income escapement. ABCAUS Case Law CitationABCAUS 3388 (2020) (09) ITAT Important case …
Second reopening notice u/s 148 issued without completing earlier reassessment proceedings is invalid ABACUS Case Law CitationABCAUS 3370 (2020) (08) ITAT Important case law relied upon by the parties:A.S.S.P. & Co. vs. CIT 172 ITR 274 (Mad)CIT vs. P. Krishnankutty Menon, 181 ITR 237 (Ker)Tao Publishing (P) Ltd. …
CIT(A) reduced income on appeal which clearly showed non application of mind by AO while recording the reasons, which made reopening bad in law ABCAUS Case Law Citation:ABCAUS 3244 (2020) (02) ITAT Important case law relied upon by the parties:Ganga Saran & Sons P. Ltd. Vs. ITO (1981) …
Reopening quashed as AO not recorded reasons of assesse’s failure to disclose material facts fully and truly but notice u/s 148 was issued on change of opinion ABCAUS Case Law Citation:ABCAUS 3236 (2020) (01) ITAT Important case law relied upon by the parties:Sadbhav Engineering Ltd. vs. DCITCIT Vs. …
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 …
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 …
Allowability of pension payment to retiring partner in CA Firm. SC refuses to entertain SLP of the ITD against High Court order quashing reopening ABCAUS Case Law Citation: ABCAUS 3046 (2019) (07) SC The petitioner was a partnership firm of Chartered Accountants. For the Assessment Year in question, …
Reopening u/s 148 for mere non disclosure of bank account in ITR without forming belief that income has escaped assessment, bad in law ABCAUS Case Law Citation: ABCAUS 2952 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties G.K. N. Driveshafts (India) Ltd. vs. ITO (2003) …
