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Section 147, 148 ANAND DEVELOPERS vs. ACIT HIGH COURT OF BOMBAY GOA BENCH 1 Feb, 2020 Notice u/s 147 and order u/s 148 is quashed and set aside when a notice seeking to reopen assessment is beyond normal period of 4 years, in a case where the assessment has been made under Section 143(3) and the revenue failed to establish the precondition even prima facie that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment for that assessment year.
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Section 32, 37, 36(1)(iii), 37(1), 131, 133A, 56, 147 AY 2012-13, 2013-14, 2014-15 After going through the various terms of the deed if it is loan/finance arrangement between the parties then the assessee is entitled only to claim interest as expenditure u/s 36 (1) (iii) and depreciation and is not entitled to claim the principal component of alleged lease rent paid as ‘revenue expenditure’ u/s 37(1). FASTWAY TRANSMISSION (P) LTD. vs. ACIT ITAT CHANDIGARH May 6, 2020
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Section 148-ITAT, PUNE BENCH-11 September, 2019 held that Reassessment—Validity—only on the basis of the some reasons to believe about the escapement of income. Existence of reasons for escapement of income are sine qua non to embark upon the assessment or reassessment under section 147 of the Act. Kailash Kanhaiyalal Gidwani v. ACIT. AY 2009-10
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ITAT HYDERABAD on 29th April 2020 held that the sale of the property by the Vendee cum AGPA-holder cannot be considered as sale of property by the assessee when the Vendee has paid the entire sale consideration and has taken possession of the property as the Vendee becomes the owner of the property u/s.53A of the TP Act and u/s.2(47) it is a transfer of the property. Further it is worth noting that except being described as the Vendor, the assessee is neither a signatory to the subsequent Sale Deed nor is he the recipient of any of the sale consideration. In SAMA OM REDDY vs. ITO
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ITAT- Amritsar on 18 February, 2020-hold that In the light of ratio laid down by the Hon`ble Supreme Court citation 418 ITR 662 (S.C.) it is the duty of the assessee to keep upto date the address in data base of the IT Department by submitting timely prescribed application.
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ITAT Delhi on 31st jan; 2019 held that CIT(A) could not enhance income of assessee on altogether ‘new Source’. before submitting your written submission kindly read carefully the notes and read case laws mentioned.
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ITAT KOLKATA on Mar 13, 2020 quashed the reopening of assessment and allow this appeal of the assessee on the ground that the re-opening is bad in law as the Assessing Officer has not independently applied his mind to the material and recorded reasons which are vague and merely based on borrowed satisfaction.
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Section 147, 132 Gujarat High Court on 25 February, 2020 held that when Search and seizure of incriminating material is at third party and have not in the name of or in hand writings or signature of the assessee, also no such transaction is with third party then in the absence of any other independent material to corroborate the statement of third party no addition can be made. it-cases-205-2020
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ITAT AHMEDABAD on Mar 11, 2020 held that 148 Notice issed in the name of dead person. One legal representative participated in proceedings. Raised objection 1st time in appeal. It is procedural mistake rectificable 292B to frame assessment in the name of all legal heirs as per the provisions of law after issue of notice u/s 148 to all legal representatives.
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Landmark decision by Supreme Court during Lock down period in the case of NDTV on 3rd April 2020. Appeal allow by holding that the notice u/s 148 is valid when the revenue discovered fresh tangible material. However no addition can be made when the assessee had fully and truly disclosed all material facts during assessment proceedings 143(3). The assessee must be put to notice of all the provisions on which the revenue relies upon. If the notice does not mention of second proviso of section 147 the court will not allow to treat as a notice invoking provisions of the second proviso of Section 147 of the Act.