Tag Archive: Reassessment Order quashed

Consequences when reassessment is based on a reconsideration of material already available on record at the time of the original assessment proceedings? The BOMBAY HIGH COURT passed the order in the case of Infinity.Com financial securities Ltd. v. ACIT on 20 December, 2021. Section 147,148, 143(3)

Consequences when reassessment is based on a reconsideration of material already available on record at the time of the original assessment proceedings? The BOMBAY HIGH COURT passed the order in the case of Infinity.Com financial securities Ltd. v. ACIT on 20…
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143(3), 147, 148

January 6, 2022

Section 147, 148, 143(3). If reopening within a period of four years of assessment u/s 143(3) then there is no bar for reopening of assessment If there is certain non-disclosure. But If reopening beyond four years for assessment already in u/s 143(3) then It must be established that the assessee has not disclosed fully and truly all material evidence with an intention to escape from the payment of tax. motive or intention on the part of the assessee for such non-disclosure is also a material ground. It is a case where the reopening beyond four years of assessment u/s 143(3) and the order of approval, which was validly granted, was produced before the Assessing Officer at the time of scrutiny and the Assessing Officer also accepted the approval order and granted exemption. Thus, the reason stated in the impugned proceedings that the assessee committed a mistake cannot be accepted. M/S.Kone Elevators (India) Pvt. … vs ACIT Madras High Court … on 16 June, 2021

Madras High Court M/S.Kone Elevators (India) Pvt. … vs ACIT… on 16 June, 2021 W.P.No.43662 of 2016 Conclusion Section 147, 148, 143(3). If reopening within a period of four years of assessment u/s 143(3) then there is no bar for…
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143(3), 147, 148, AY 2009-10, madras High Court

Consequences when AO reopen the case only on the basis of valuation report or when no addition is made on account of reason recorded? ITAT CHANDIGARH passed the order in the case of FATEH HOMES PVT. LTD. vs. ITO ON 16.6.2021. IN FAVOUR OF ASSESSEE. IT-CASES-246-2021.

Consequences when AO reopen the case only on the basis of valuation report or when no addition is made on account of reason recorded? ITAT CHANDIGARH passed the order in the case of FATEH HOMES PVT. LTD. vs. ITO ON…
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147, 148, 151, 151(1), AY 2009-10, AY 2010-11, AY 2011-12, borrowed satisfaction, Chandigarh ITAT, Concealment of income, In Favour of Assessee, Reason recorded, Reassessment