Re-Opening Is Not Permissible As It Falls Within The Purview Of A ‘Change Of Opinion’: Bombay High Court
1 year, 4 months ago

Re-Opening Is Not Permissible As It Falls Within The Purview Of A ‘Change Of Opinion’: Bombay High Court

Live Law  

The Bombay High Court has held that re-opening is not permissible as it clearly falls within the purview of a ‘change of opinion’ which is impermissible in law.The bench of Justice K. R. Shriram and Justice Neela Gokhale have observed that the basis on which the AO issued notice alleging that there was "information" that suggests escapement of income was an internal audit. The Bombay High Court has held that re-opening is not permissible as it clearly falls within the purview of a ‘change of opinion’ which is impermissible in law. The bench of Justice K. R. Shriram and Justice Neela Gokhale have observed that the basis on which the AO issued notice alleging that there was "information" that suggests escapement of income was an internal audit objection. The petitioner submitted before the AO in the original assessment proceedings in respect of the sale of land that Section 50C was not applicable as the sale consideration of Rs.

Bombay High Court Sale Order Income Notice Crore Bombay High Petitioner Section 148 Objection Consideration Permissible  crore  permissible  notice  opinion  purview  falls  court  sale  change  income  objection  bombay  high  ao  consideration  reopening  rs  order  petitioner

History of this topic

Change In Tax Rate In Future AYs Not Ground For Reassessment Without Fulfilling Jurisdictional Parameters U/S 148 Income Tax Act: Bombay HC
3 weeks, 2 days ago

Change In Tax Rate In Future AYs Not Ground For Reassessment Without Fulfilling Jurisdictional Parameters U/S 148 Income Tax Act: Bombay HC

Live Law  

The Bombay High Court has made it clear that merely because the tax rate which is applicable on an assessee changes in future assessment years, is not a ground to initiate reassessment action against it for previous AYs, unless the 'jurisdictional parameters' of Section 148 of the Income Tax Act, 1961 are fulfilled. A division bench of Justices MS Sonak …

AO Becomes 'Functus Officio' After Closure Of Assessment, Must Put Relevant Incriminating Material To Assessee To Re-Confer Jurisdiction: Delhi HC
3 weeks, 6 days ago

AO Becomes 'Functus Officio' After Closure Of Assessment, Must Put Relevant Incriminating Material To Assessee To Re-Confer Jurisdiction: Delhi HC

Live Law  

The Delhi High Court has made it clear that after the closure of assessment proceedings, the Assessing Officer becomes 'functus officio' and to re-confer jurisdiction upon the AO to initiate re-assessment proceedings, relevant incriminating material ought to be put to the assessee. A division bench of Chief Justice Devendra Kumar Upadhyaya and Justice Tushar Rao Gedela made the observation while …

AO Duty Bound To Dispose Of Assessee's Written Objections To Proposed Re-Assessment By Passing Speaking Order: Calcutta High Court
1 month, 1 week ago

AO Duty Bound To Dispose Of Assessee's Written Objections To Proposed Re-Assessment By Passing Speaking Order: Calcutta High Court

Live Law  

The Calcutta High Court recently upheld an ITAT order deleting the addition of over ₹4 crore made to the income of an assessee under the Income Tax Act, 1961 in reassessment action. It observed, “The duty cast upon the assessing officer is to decide the written objections given by the assessee to the proposed reopening and passing a speaking order …

[S.151 IT Act] SC Judgment In Rajeev Bansal Doesn't Affirm Authority Of Joint Commissioner To Accord Approvals For Reassessment: Delhi HC
2 months ago

[S.151 IT Act] SC Judgment In Rajeev Bansal Doesn't Affirm Authority Of Joint Commissioner To Accord Approvals For Reassessment: Delhi HC

Live Law  

The Delhi High Court has held that the Supreme Court's decision in Union of India and Ors. vs. Rajeev Bansal did not affirm the authority of a Joint Commissioner to grant approval under Section 151 of the Income Tax Act, 1961 for initiation of reassessment proceedings. A division bench of Justices Yashwant Varma and Dharmesh Sharma observed that the Supreme …

Reassessment U/S 150 Of Income Tax Act Can't Be Initiated On Mere 'Incidental' Findings Of Appellate Authority: Delhi High Court
2 months, 2 weeks ago

Reassessment U/S 150 Of Income Tax Act Can't Be Initiated On Mere 'Incidental' Findings Of Appellate Authority: Delhi High Court

Live Law  

The Delhi High Court has held that Section 150 of the Income Tax Act, 1961 can be invoked for reassessment only to give effect to a 'conclusive finding' by an appellate authority regarding escapement of income by an assessee. Both terms demand a direct and substantive nexus to the matter under adjudication and cannot extend to incidental or ancillary conclusions.” …

S.147 Of IT Act Doesn't Postulate Review Jurisdiction Such That Assessment Can Be Reviewed By AO Intending To Form Different Opinion: Bombay HC
2 months, 3 weeks ago

S.147 Of IT Act Doesn't Postulate Review Jurisdiction Such That Assessment Can Be Reviewed By AO Intending To Form Different Opinion: Bombay HC

Live Law  

The Bombay High Court ruled that the materials which were already available before AO and which ultimately were considered in passing assessment order u/s 143, cannot form basis of reopening, on ground that such materials were ignored in finalizing assessment. The Division Bench of Justice G S Kulkarni and Justice Firdosh P Pooniwalla observed that AO cannot assume jurisdiction under …

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening
Trending News
2 months, 3 weeks ago

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening

Live Law  

While setting aside the reassessment proceedings, the Bombay High Court held that 'change of opinion' or 'review of already completed assessment', is not permitted to AO. Facts of the case: The petitioner/ assessee company, engaged in investment and trading of shares and securities, filed its return, after which a notice u/s 142 was issued calling upon the assessee to furnish …

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening
Trending News
2 months, 3 weeks ago

ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening

Live Law  

While setting aside the reassessment proceedings, the Bombay High Court held that 'change of opinion' or 'review of already completed assessment', is not permitted to AO. Facts of the case: The petitioner/ assessee company, engaged in investment and trading of shares and securities, filed its return, after which a notice u/s 142 was issued calling upon the assessee to furnish …

Bombay HC Imposes ₹1 Lakh Cost On 'Venus Entertainment' For 'Taking Chance' By Filing Writ Plea Avoiding Alternate Remedy
3 months ago

Bombay HC Imposes ₹1 Lakh Cost On 'Venus Entertainment' For 'Taking Chance' By Filing Writ Plea Avoiding Alternate Remedy

Live Law  

The Bombay High Court recently imposed a cost of ₹1 lakh on 'Venus Worldwide Entertainment Pvt. Ltd.' for "taking a chance" by filing a writ petition challenging a review order passed under the Maharashtra Value Added Tax Act, 2002, despite having a remedy of appeal under the 2002 Act. Essentially, the petitioner had moved the HC by filing a writ …

SC's Judgement In Abhisar Buildwell Case Doesn't Permit Reopening Of Assessments Beyond Limitation Period U/S 149(1) Of IT Act: Delhi HC
3 months ago

SC's Judgement In Abhisar Buildwell Case Doesn't Permit Reopening Of Assessments Beyond Limitation Period U/S 149(1) Of IT Act: Delhi HC

Live Law  

The Delhi High Court has reiterated that the Supreme Court's judgment in Abhisar Buildwell does not permit reopening of assessments under Section 147/148 of the Income Tax Act, 1961 beyond the period stipulated under Section 149. It relied on Principal Commissioner of Income Tax, Central-3 v. Abhisar Buildwell Private Limited to contend that in cases where the proceedings under Section …

Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court
4 months, 1 week ago

Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court

Live Law  

The Division Bench of Kerala High Court comprising Justices A.K. observed that “the concern of the Assessing Authority, while passing a consequential order, has to be limited to those specific issues that have been remanded to it for consideration by the Commissioner……….” Section 263 of the Income Tax Act, 1961 empowers the Commissioner of Income Tax to revise any order …

Mistake On Part Of AO Resulting In Under Assessment Of Income No Ground To Re-Open Assessment U/S 147 Of Income Tax Act: Delhi HC
4 months, 1 week ago

Mistake On Part Of AO Resulting In Under Assessment Of Income No Ground To Re-Open Assessment U/S 147 Of Income Tax Act: Delhi HC

Live Law  

The Delhi High Court has made it clear that once scrutiny assessment is held under Section 143 of the Income Tax Act but due to a mistake of the Assessing Officer there is under assessment of income, reopening assessment under Section 147 of the Income Tax Act, 1961 is not permissible. At the outset, the High Court observed that escapement …

JAO Cease To Have Jurisdiction To Issue Reassessment Notice Outside Faceless Assessment: Bombay High Court
8 months ago

JAO Cease To Have Jurisdiction To Issue Reassessment Notice Outside Faceless Assessment: Bombay High Court

Live Law  

The Bombay High Court has held that the Jurisdictional Assessing Officer would cease to have jurisdiction to issue any notice under Section 148A and to take further actions under Section 148A and Section 148 of the Act, outside the faceless assessment.The bench of Justice G. S. Kulkarni and Justice Somasekhar Sundaresan has observed that the JAO did not have the …

Assumption Of Jurisdiction Based On Wrong Facts Can't Form Basis For Initiating Reopening: Mumbai ITAT
8 months ago

Assumption Of Jurisdiction Based On Wrong Facts Can't Form Basis For Initiating Reopening: Mumbai ITAT

Live Law  

The Mumbai ITAT there is no question of concealment of fact when the assessee had itself declared the income in its return which was assumed by the AO to be an escaped income. Hence, the ITAT clarified that assumption of jurisdiction based on wrong facts, cannot form basis for initiating reopening. The Division Bench of Anikesh Banerjee and Prashant Maharishi …

Once Revision Order Become Final, No Question Of Passing Another Order Will Arise: Meghalaya High Court
8 months, 1 week ago

Once Revision Order Become Final, No Question Of Passing Another Order Will Arise: Meghalaya High Court

Live Law  

The Meghalaya High Court has held that once the revision order becomes final, no question of passing another order will arise.The bench of Chief Justice S. Vaidyanathan and Justice W. Diengdoh has observed that the Assessing Officer had passed an order under Section 263 of the Income Tax Act, 1961, which was set aside by the Principal Commissioner of Income …

Reassessment Notice Not Complying Section 148 Pre-Conditions Is Beyond Jurisdictional: Bombay High Court
8 months, 1 week ago

Reassessment Notice Not Complying Section 148 Pre-Conditions Is Beyond Jurisdictional: Bombay High Court

Live Law  

The Bombay High Court at Goa has held that the reassessment notice issued without complying with the pre-conditions mentioned in Section 148 of the Income Tax Act was beyond jurisdiction.The bench of Justice M. S. Karnik and Justice Valmiki Menezes has observed that the substantive rights of the original petitioner were governed by the provisions of the Portuguese Civil Code. …

Assessment Re-Opened By Dept. Based On 'Change Of Opinion'; Himachal Pradesh High Court Quashes Reassessment
8 months, 2 weeks ago

Assessment Re-Opened By Dept. Based On 'Change Of Opinion'; Himachal Pradesh High Court Quashes Reassessment

Live Law  

The Himachal High Court quashed the reassessment order on the grounds that the assessment was re-opened by the department based on 'change of opinion'.The bench of Justice Tarlok Singh Chauhan and Justice Sushil Kukreja has observed that as per the record the objections were raised only by the Audit Party and, therefore, reasons have been recorded on borrowed satisfaction of …

Absence Of Incriminating Materials, AO Not Empowered To Reopen Assessments In Block Period Of Six Years: Kerala High Court
8 months, 3 weeks ago

Absence Of Incriminating Materials, AO Not Empowered To Reopen Assessments In Block Period Of Six Years: Kerala High Court

Live Law  

The Kerala High Court has held that based on the material obtained during the search, the Assessing Officer, who gets the jurisdiction to re-open the assessments, can do so in respect of the individual assessment years comprised in the block period of six years only if the material obtained during the search under Section 132 of the Income Tax Act, …

No Change In Opening And Closing Stock Of NCDs; Bombay High Court Quashes Reassessment Notice
10 months ago

No Change In Opening And Closing Stock Of NCDs; Bombay High Court Quashes Reassessment Notice

Live Law  

The Bombay High Court has quashed the reassessment notices as there was no change in the opening and closing stock of the non-convertible debts.The Bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the reopening of assessment by the notice was merely on the basis of a change of opinion of the AO. The Bombay High …

S.144B(6) Income Tax Act | If Assessee “Requests” Then Opportunity Of Personal Hearing Is Mandatory, Not Optional: Allahabad High Court
10 months, 1 week ago

S.144B(6) Income Tax Act | If Assessee “Requests” Then Opportunity Of Personal Hearing Is Mandatory, Not Optional: Allahabad High Court

Live Law  

The Allahabad High Court has held that opportunity of personal hearing is mandatory under Section 144B and of the Income Tax Act, 1961 when show cause notice is issued regarding why assessment may not be completed as proposed. The bench comprising of Justice Saumitra Dayal Singh and Justice Donadi Ramesh held that “the word "request" used under Section 144B and …

Reassessment Order Can't Merely Be Based On Tax Evasion Report Or An Audit Report: Orissa High Court
10 months, 2 weeks ago

Reassessment Order Can't Merely Be Based On Tax Evasion Report Or An Audit Report: Orissa High Court

Live Law  

The Orissa High Court has held that reassessment orders cannot merely be based on a tax evasion report or an audit report.The bench of Justice B.R. Sarangi and Justice G. Satapathy has observed that it is not enough if the Assessing Officer refers to the tax evasion report or an audit report; he has to independently apply his mind and …

I-T Authority Fails To Consider Reason For Difference In Sale Consideration & Stamp Duty: Mumbai ITAT Deletes Penalty Levied U/s 270A For Under-Reporting Of Income
10 months, 2 weeks ago

I-T Authority Fails To Consider Reason For Difference In Sale Consideration & Stamp Duty: Mumbai ITAT Deletes Penalty Levied U/s 270A For Under-Reporting Of Income

Live Law  

Noting that neither the Assessing Officer nor the CIT have taken into consideration the explanation offered by the Assessee during the assessment proceedings in relation to the difference in the sale consideration and the stamp duty valuation of immovable property, the Mumbai ITAT deleted the penalty levied u/s 270A of the Income tax Act for under-reporting of income. Accordingly, the …

Income Tax Authority Should Refrain From Over Analysis Which Leads To Paralysis Of Justice: Bombay High Court
10 months, 2 weeks ago

Income Tax Authority Should Refrain From Over Analysis Which Leads To Paralysis Of Justice: Bombay High Court

Live Law  

The Bombay High Court, while setting aside the order of the Income Tax Appellate Tribunal, held that the authority should refrain from overanalyzing, which leads to paralysis of justice.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the ITAT failed to appreciate the spirit in which the order dated August 23, 2022, was passed by …

[Income Tax Act] Supreme Court Decision In UOI v. Ashish Agarwal Applicable To Parties Who Challenged Notice U/S 148: Allahabad High Court
11 months ago

[Income Tax Act] Supreme Court Decision In UOI v. Ashish Agarwal Applicable To Parties Who Challenged Notice U/S 148: Allahabad High Court

Live Law  

The Allahabad High Court has held that Supreme Court in Union of India v. Ashish Agarwal had not issued a general mandamus quashing all notices issued under Section 148 of the Income Tax Act, 1961. In Union of India v. Ashish Agarwal, the Union Government had challenged the order of the Allahabad High Court quashing the reassessment notices issued by …

Delhi High Court Interprets Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)
11 months, 1 week ago

Delhi High Court Interprets Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)

Live Law  

The Delhi High Court has held that it has interpreted Rule 11UA of the Income Tax Rules, 1962, for determining the fair market value of shares under Section 56 of the Income Tax Act, 1961.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that Section 56 postulates that the FMV of shares shall be the value …

Delhi High Court Interpretes Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)
11 months, 2 weeks ago

Delhi High Court Interpretes Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)

Live Law  

The Delhi High Court has held that it has interpreted Rule 11UA of the Income Tax Rules, 1962, for determining the fair market value of shares under Section 56 of the Income Tax Act, 1961.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that Section 56 postulates that the FMV of shares shall be the value …

Assessment Can Be Reopened Based On Audit Objections Under New Reassessment Regime: Kerala High Court
11 months, 2 weeks ago

Assessment Can Be Reopened Based On Audit Objections Under New Reassessment Regime: Kerala High Court

Live Law  

The Kerala High Court has held that assessments can be reopened based on audit objections under a new reassessment regime.The bench of Justice Dinesh Kumar Singh has observed that the provisions have been drastically changed with effect from April 1, 2022, and the audit objection is one of the reasons for re-opening the assessment. The Kerala High Court has held …

Assessment By AO Can't Be Termed As Prejudicial To Interest Of Revenue If It Doesn't Result In Any Loss To Revenue: Indore ITAT
11 months, 2 weeks ago

Assessment By AO Can't Be Termed As Prejudicial To Interest Of Revenue If It Doesn't Result In Any Loss To Revenue: Indore ITAT

Live Law  

On finding that the facts of the case do not warrant application of section 263 of the Income Tax Act, the Indore ITAT set aside the revision order passed by PCIT and restored the original assessment-order passed by the AO. In the light of those rulings, the AO has rightly assessed the income at normal rates of tax, hence there …

Bombay High Court Quashes Reassessment Proceedings Against Castrol India Initiated On Basis Of A Change Of Opinion
1 year ago

Bombay High Court Quashes Reassessment Proceedings Against Castrol India Initiated On Basis Of A Change Of Opinion

Live Law  

The Bombay High Court has quashed reassessment proceedings against Castrol India initiated on the basis of a change of opinion.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the reasons to believe notice itself indicates that the AO was already seized with information prior to passing the original assessment order, and as such, there is …

AO Competent To Invoke Section 154 Jurisdiction If Glaring Mistake Of Fact/Law Is Committed While Passing Assessment Order: Madras High Court
1 year ago

AO Competent To Invoke Section 154 Jurisdiction If Glaring Mistake Of Fact/Law Is Committed While Passing Assessment Order: Madras High Court

Live Law  

The Madras High Court has held that the Assessing Officer is not incompetent to invoke the jurisdiction under Section 154 of the Income Tax Act, 1961, if such officer had committed a glaring mistake of fact or law while passing the assessment order.The bench of Justice C. Saravanan has observed that the meaning of the expression “error apparent on the …

Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT
1 year ago

Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT

Live Law  

While allowing the appeal of assessee in respect of the fact that whether the PCIT had validly assumed his revision jurisdiction u/s 263 of the Income Tax Act, 1961, both in law and on facts, the New Delhi ITAT held that the PCIT erred in assumption of jurisdiction u/s 263 of the Income Tax Act, 1961. The Bench of the …

S.148 Income Tax| For Assumption Of Jurisdiction Satisfaction Needs To Be Bonafide, No Need To Record “Reason To Believe”: Allahabad High Court
1 year, 1 month 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 …

Reopening Initiated On Basis Of Wrong Reasons Renders Very Assessment As Invalid: Mumbai ITAT
1 year, 1 month ago

Reopening Initiated On Basis Of Wrong Reasons Renders Very Assessment As Invalid: Mumbai ITAT

Live Law  

On finding the reasoning behind the Assessment made by the Assessing Officer to be wrong, the Mumbai ITAT allowed the assessee's appeal against the order of Commissioner of Income Tax and National Faceless Appeal Centre. It is fact on record that assessee has filed its return of income and Assessing Officer has accepted the same.” “The assessment order is bad …

Change Of Opinion Does Not Constitute Justification To Believe Income Chargeable To Tax Has Escaped Assessment: Bombay High Court
1 year, 2 months ago

Change Of Opinion Does Not Constitute Justification To Believe Income Chargeable To Tax Has Escaped Assessment: Bombay High Court

Live Law  

The Bombay High Court has held that a change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that once a query is raised during the assessment proceedings and the assessee has replied to it, it follows that the …

Reopening Of Assessment Inspired From 'Review' & 'Change Of Opinion' By Subsequent AO Is Deprecated: Madras HC
1 year, 2 months ago

Reopening Of Assessment Inspired From 'Review' & 'Change Of Opinion' By Subsequent AO Is Deprecated: Madras HC

Live Law  

While setting aside the order disposing of assessee's objection for re-opening of assessment pursuant to the issue of notice u/s 148 of the Income tax Act, 1961 and the consequent reassessment order, the Madras High Court held that there is no scope for re-opening of the assessment, since the reasons cited for same was inspired from change of opinion of …

Bombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold Rights
1 year, 3 months 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 …

Dept.’s Personal Opinion Not Tangible Material For Reopening Assessment: Calcutta High Court Quashes Reassessment
1 year, 3 months 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 …

Reassessment Notice Severed At Old Address Despite Knowing Assessee’s New Address: Delhi High Court Quashes Assessment Order
1 year, 3 months ago

Reassessment Notice Severed At Old Address Despite Knowing Assessee’s New Address: Delhi High Court Quashes Assessment Order

Live Law  

The Delhi High Court has quashed the assessment order as the notice under Section 148 was improperly served as it was sent to the old address, despite the fact that the department was aware of the new address.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that no notice, under Section 143 of the Income Tax Act, …

Bombay High Court Quashes Re-Assessment Order Based On Change Of Opinion Without Any Tangible New Information
1 year, 6 months ago

Bombay High Court Quashes Re-Assessment Order Based On Change Of Opinion Without Any Tangible New Information

Live Law  

The Bombay High Court has quashed the reassessment order based on a change of opinion without surfacing any tangible new information.The bench of Justice K. R. Shriram and Justice N. K. Gokhale has observed that the petitioner has fully and truly disclosed all material facts necessary for the purpose of assessment. The Bombay High Court has quashed the reassessment order …

Gujarat High Court Grants Assessee Permission to Pay Tax Liability in Installments, Lifts Bank Account Attachment
1 year, 8 months ago

Gujarat High Court Grants Assessee Permission to Pay Tax Liability in Installments, Lifts Bank Account Attachment

Live Law  

The Gujarat High Court has overturned the decision of the Adjudicating Authority and granted permission to an assessee to fulfill their tax liability through installment payments, consequently lifting the provisional attachment of the assessee’s bank account. The above order delivered by Justice NV Anjaria and Devan M Desai, came in response to a Special Civil Application, whereby the petitioner prayed …

Gujarat High Court Quashes Reopening Of Assessment Order And Notice In Land Acquisition Case, Rules Compensation Not Taxable As Capital Gains
1 year, 8 months ago

Gujarat High Court Quashes Reopening Of Assessment Order And Notice In Land Acquisition Case, Rules Compensation Not Taxable As Capital Gains

Live Law  

The Gujarat High Court while quashing the reopening of an assessment order and notice issued to the petitioner in a land acquisition case, has ruled that compensation received for compulsory acquisition of land is not taxable as capital gains. However, after nearly two years, Anilaben received a notice under Section 148 of the Income Tax Act on March 31, 2021, …

Dept. To Reconsider The Application Under Karasamadhana Scheme: Karnataka High Court Quashes Recovery From The Banker
1 year, 9 months ago

Dept. To Reconsider The Application Under Karasamadhana Scheme: Karnataka High Court Quashes Recovery From The Banker

Live Law  

The Karnataka High Court has quashed the recovery from the banker and directed the department to reconsider the application under the Karasamadhana Scheme.The bench of Justice S. Sunil Dutt Yadav has observed that in the event that the application is rejected, it is needless to state that the petitioner cannot be placed in a position worse off, and the petitioner …

Income Tax Assessment Can’t Be Reopened Without Any Foundation: Gujarat High Court
1 year, 10 months ago

Income Tax Assessment Can’t Be Reopened Without Any Foundation: Gujarat High Court

Live Law  

The Gujarat High Court has held that when the foundation was missing, there could not have been the erection of ground to seek reopening of assessment.The bench of Justice N.V. Anjaria and Justice Devan M. Desai has observed that neither foundational facts existed nor could any tangible material be available with the assessing officer to justify the exercise of power …

Appearance Of AR Not Enough For Presuming Service On Assessee Under S. 292BB Of ITA: Orissa High Court
2 years ago

Appearance Of AR Not Enough For Presuming Service On Assessee Under S. 292BB Of ITA: Orissa High Court

Live Law  

The Orissa High Court has deprecated the Income Tax Authority who, despite being informed that the assessee was in judicial custody, failed to serve a notice upon him through the Superintendent of the concerned jail, in the proceedings initiated against the assessee under Section 263 of the Income Tax Act, 1961. The Court further ruled that appearance of the authorized …

Absence Of Material: Bombay High Court Quashes Reassessment Proceedings
2 years, 1 month ago

Absence Of Material: Bombay High Court Quashes Reassessment Proceedings

Live Law  

The Bombay High Court has quashed the reassessment proceedings as the issue of "large loans and advances" was not only raised during the scrutiny assessment but also responded to by the assessee.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that between the date of the order of assessment, which is sought to be reopened, …

No Reason For AO To Believe Income Chargeable To Tax Escaped Assessment: Bombay High Court
2 years, 1 month ago

No Reason For AO To Believe Income Chargeable To Tax Escaped Assessment: Bombay High Court

Live Law  

The Bombay High Court has held that the development agreement permitted construction on the land only as a licensee, which did not have the effect of transmitting possession in favor of the licensee as per Section 53A of the Transfer of Property Act.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that there was neither …

Delhi High Court Stays Reassessment Order Based On Internal Audit Objection
2 years, 1 month ago

Delhi High Court Stays Reassessment Order Based On Internal Audit Objection

Live Law  

The Delhi High Court has stayed the reassessment order based on an internal audit objection.The division bench of Justice Rajiv Shadher and Justice Tara Vitasta Ganju has observed that the expression "any audit objection" was introduced only by the Finance Act, 2022, although with effect from April 1, 2012. The Delhi High Court has stayed the reassessment order based on …

Claim That Investment In Shares Was A Capital Account Transaction, Non-Application Of Mind By AO: Delhi High Court Quashes Reassessment Notice
2 years, 1 month ago

Claim That Investment In Shares Was A Capital Account Transaction, Non-Application Of Mind By AO: Delhi High Court Quashes Reassessment Notice

Live Law  

The Delhi High Court has quashed the reassessment notice as the AO failed to apply his mind as to whether an investment in shares was a capital account transaction.The division bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has observed that the principal allegation against the assessee is that it purchased shares of an Indian company and that …

Reassessment Notice after 4 Years should have the Sanction Of PCIT: Bombay High Court
2 years, 1 month ago

Reassessment Notice after 4 Years should have the Sanction Of PCIT: Bombay High Court

Live Law  

The Bombay High Court ruled that issuing a reassessment notice after four years is subject to the approval of the Principal Chief Commissioner of Income-tax.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has ruled that the approval for the issuance of a notice under Section 148 ought not to have been obtained from the Additional Commissioner …

Discover Related