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Search results for escapement

Order Passed U/S 148A(d) Income Tax Act Is Not Appealable, Writ Jurisdiction Can Be Invoked: Madhya Pradesh High Court
1 month, 1 week ago

Order Passed U/S 148A(d) Income Tax Act Is Not Appealable, Writ Jurisdiction Can Be Invoked: Madhya Pradesh High Court

Live Law  

The Madhya Pradesh High Court has held that an order passed under Section 148A of the Income Tax Act 1961 is not an appealable order, therefore, the only remedy with an aggrieved party is to invoke writ jurisdiction of the High Court. In this scheme, a division bench of Justices Vivek Rusia and Binod Kumar Dwivedi observed, “Admittedly, the order …

Tax Court Income Tax Act Order Income Opportunity Hearing
High Court Rejects Income Tax Appeal, Finds No Escapement of Rs. 3.25 Crore
2 months ago

High Court Rejects Income Tax Appeal, Finds No Escapement of Rs. 3.25 Crore

Live Law  

The Gujarat High Court has ruled that there cannot be any income escapement by the assessee if there is no unexplained amount in the bank statement on record. The court observed that the reason given by the assessing officer for alleged escapement of Rs.3,25,00,000/- is not sustainable since there is no unexplained amount in the bank statement on record since …

Law Income Tax Tax Dispute Financial Law Ahmedabad
Belief Of AO Regarding Escapement Of Income Should Be Based On Some Tangible Information: Kolkata ITAT Quashes Reassessment
9 months ago

Belief Of AO Regarding Escapement Of Income Should Be Based On Some Tangible Information: Kolkata ITAT Quashes Reassessment

Live Law  

The Kolkata ITAT recently clarified that mere information regarding transfer of funds is no basis to conduct reassessment once source of such transfer was sufficiently established through banking channel. The Bench noted that the only information received by the Assessing Officer from Investigation Wing was that the assessee had received funds worth Rs.2,20,00,000/- from M/s Solvent Real Estate Pvt. Further, …

Kolkata Information Income Estate Real Funds Bench
After Amendment Mere Reason To Believe Can't Be Ground For Carrying Out Reassessment: Karnataka High Court
10 months, 1 week ago

After Amendment Mere Reason To Believe Can't Be Ground For Carrying Out Reassessment: Karnataka High Court

Live Law  

The Karnataka High Court has held that the Assessing Officer has to be prima facie satisfied that there is “escapement of income”, unlike earlier law which permitted action based on mere reason to believe. Now mere reason to believe, cannot be a ground for carrying out assessment under section 147 of the Income Tax Act.The bench of Justice Krishna S …

Tax Assessment Income Officer Kar Shares Believe
S.148 Income Tax| For Assumption Of Jurisdiction Satisfaction Needs To Be Bonafide, No Need To Record “Reason To Believe”: Allahabad High Court
10 months, 2 weeks ago

S.148 Income Tax| For Assumption Of Jurisdiction Satisfaction Needs To Be Bonafide, No Need To Record “Reason To Believe”: Allahabad High Court

Live Law  

The Allahabad High Court has held that under the new law, it is not necessary for the assessing authority to record “reasons to believe”. The Court held that the assessing authorities are only required to record bonafide satisfaction regarding escapement of income for assuming jurisdiction under the Income Tax Act, 1961. A bonafide satisfaction reached as to escapement of income …

Tax Court Income Purchases Petitioner
No Escapement Of Income By Singaporean Entity On Repatriating Rs.203.56 Cr. Arising From Redemption Of NCDs: ITAT
11 months ago

No Escapement Of Income By Singaporean Entity On Repatriating Rs.203.56 Cr. Arising From Redemption Of NCDs: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that the Singaporean Entity has not escaped the income on repatriating Rs.203.56 Cr. arising from redemption of non-convertible debentures.The bench of Astha Chandra and B. R. R. Kumar has observed that the Assessing Office has not examined the relevant records before them wherein. The bench of Astha Chandra and B. …

Singapore Income Tax Itat Ita Singaporean Entity
Bombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold Rights
1 year ago

Bombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold Rights

Live Law  

The Bombay High Court has quashed the reassessment proceedings alleging escapement of income on transfer of leasehold rights.The bench of Justice K.R. The Bombay High Court has quashed the reassessment proceedings alleging escapement of income on transfer of leasehold rights. The petitioner filed its return of income for the Assessment Year 2018-19 on October 30, 2018, showing Rs. 43 crore …

Tax Rights Bombay High Court Assessment Income Tax Transfer Income
Dept.’s Personal Opinion Not Tangible Material For Reopening Assessment: Calcutta High Court Quashes Reassessment
1 year ago

Dept.’s Personal Opinion Not Tangible Material For Reopening Assessment: Calcutta High Court Quashes Reassessment

Live Law  

The Calcutta High Court has quashed the reassessment order on the grounds that the department’s personal opinion is not tangible material for reopening the assessment.The bench of Chief Justice T. S. Sivagnanam and Justice Hiranmay Bhattacharyya has observed that unless glaring omissions are demonstrated or conditions precedent for exercise of the power to reopen assessment are not. The Calcutta High …

Court Assessment Income Tax Order Income Calcutta High Court Tangible Material