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Articles for Reassessment Proceedings

There Cannot Be 'Disconnect' Between Reasons For Initiating Reassessment U/S 147 Of IT Act & Grounds On Which Final Order Is Passed: Delhi HC
4 days, 5 hours ago

There Cannot Be 'Disconnect' Between Reasons For Initiating Reassessment U/S 147 Of IT Act & Grounds On Which Final Order Is Passed: Delhi HC

Live Law  

The Delhi High Court has held that only 'original reasons' which formed the basis for initiating reassessment proceedings under Section 147 of the Income Tax Act can be taken into consideration by the Assessing Officer, for coming to the conclusion that income had escaped assessment. A division bench of Justice Yashwant Varma Hon'ble Mr. Justice Dharmesh Sharma observed that there …

Reassessment Assessment Income Department Reasons Petitioner Reassessment Proceedings
Liquidator Never Informed Of Reassessment Proceedings, Patna High Court Quashes Order
4 months, 1 week ago

Liquidator Never Informed Of Reassessment Proceedings, Patna High Court Quashes Order

Live Law  

The Patna High Court has quashed the order as the liquidator was not informed of the reassessment proceedings.The bench of Chief Justice K. Vinod Chandran and Justice Partha Sarthy has observed that the liquidator should be noticed and participate in the reassessment proceedings. The Patna High Court has quashed the order as the liquidator was not informed of the reassessment …

Reassessment Order Proceedings Liquidator Court Quashes Assessee Reassessment Proceedings
ITAT Half Yearly Digest: January To June 2024 - PART I
5 months, 1 week ago

ITAT Half Yearly Digest: January To June 2024 - PART I

Live Law  

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT Case Title: Asstt. Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT Case Title: Vishram Sahakari Awas Samiti Limited verses ITO On finding that no addition is made based …

India Delhi Kolkata Tax Indian Income Tax Title
Allahabad High Court Monthly Tax Digest: May 2024
6 months ago

Allahabad High Court Monthly Tax Digest: May 2024

Live Law  

NOMINAL INDEX Mr. Pranay Dhabhai v. State Of U.P. Lucknow 2024 LiveLaw 357 Ravindra Pratap Shahi v. Union Of India And 2 Others 2024 LiveLaw 358 M/S Ace Manufacturing Systems Limited v. State Of U P And 3 Others 2024 LiveLaw 360 ORDERS/ JUDGMENTS OF THE MONTH Tax Dues Can't Be Collected From Director Of Company Under Liquidation Unless Provided …

Income Tax Capital Goods State Held High Singh Act
UPVAT | Computation Of Correct ITC Be Examined By Assessing Authority Not Later Than Stage Of Making Regular Assessment Order: Allahabad High Court
7 months, 1 week ago

UPVAT | Computation Of Correct ITC Be Examined By Assessing Authority Not Later Than Stage Of Making Regular Assessment Order: Allahabad High Court

Live Law  

The Allahabad High Court has held that computation of correct input tax credit can only be done till the passing of the regular assessment order by the Assessing Authority and not at a later stage. Section 29 of the UPVAT Act empowers the Assessing Authority to initiate reassessment proceedings against an assesee if there is “reason to believe” that whole …

Tax Court Reassessment Assessment Order Held Proceedings
[Income Tax Act] Supreme Court Decision In UOI v. Ashish Agarwal Applicable To Parties Who Challenged Notice U/S 148: Allahabad High Court
8 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 …

Supreme Court High Court Court Reassessment Assessment Union Order
Delhi HC reserves order on Congress’s pleas against tax reassessment proceedings
9 months ago

Delhi HC reserves order on Congress’s pleas against tax reassessment proceedings

The Hindu  

The Delhi High Court on Wednesday reserved its verdict on the Congress’s plea against the tax reassessment proceedings initiated against it by the Income Tax department for three successive years from 2014-15. Senior advocate Abhishek Singhvi, representing the Congress, said the tax reassessment proceedings are barred by limitation and the I-T department could have gone back to a maximum of …

Tax Congress Department Reassessment Proceedings Tax Reassessment Proceedings
Reassessment Proceedings Initiated On Account Of Change Of Opinion Merits To Be Quashed: Mumbai ITAT
10 months, 2 weeks ago

Reassessment Proceedings Initiated On Account Of Change Of Opinion Merits To Be Quashed: Mumbai ITAT

Live Law  

While confirming the CIT's order quashing the reassessment order, the Mumbai ITAT held that the reassessment proceedings were initiated on account of change of opinion formed on re-appraisal of the facts already on record and examined during the regular assessment proceedings. The CIT had concluded that reassessment proceedings were initiated on re-appraisal and re-examination of the assessment records without bringing …

Record Loss Change Reassessment Assessment Foreign Exchange Proceedings
Reassessment Proceedings Can't Be In The Nature Of Review: Karnataka High Court
1 year ago

Reassessment Proceedings Can't Be In The Nature Of Review: Karnataka High Court

Live Law  

The Karnataka High Court has held that reassessment proceedings cannot be in the nature of review.The bench of Justice S. Sunil Dutt Yadav has observed that the material that has come to light in the assessment proceedings for the assessment year 2008–2009 cannot be sufficient grounds to resort to reassessment proceedings.The petitioner/assessee has challenged the notice issued under. The Karnataka …

Reassessment Assessment Proceedings Kar Karnataka High Court Reassessment Proceedings
Reassessment Proceedings, Senior Officers Like ACIT, PCIT Expected To Apply Mind; Delhi High Court
1 year ago

Reassessment Proceedings, Senior Officers Like ACIT, PCIT Expected To Apply Mind; Delhi High Court

Live Law  

The Delhi High Court has held that senior officers like ACIT and PCIT are expected to apply their minds to such requests and, only after that, approve the initiation of reassessment proceedings.The bench of Justice Rajiv Shakdher and Justice Anish Dayal has observed that the reopening of the concluded scrutiny assessment is a serious business. The Delhi High Court has …

Court Assessment Delhi High Court Senior Officers Pcit Reassessment Proceedings Sipl
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
AO Lacked Tangible Material To Form A Belief That Income, Chargeable To Tax Had Escaped Assessment: Delhi High Court Quashes Reassessment Notice
1 year, 1 month ago

AO Lacked Tangible Material To Form A Belief That Income, Chargeable To Tax Had Escaped Assessment: Delhi High Court Quashes Reassessment Notice

Live Law  

The Delhi High Court has held that AO did not have the tangible material on record that could have persuaded him to form the belief that income, otherwise chargeable to tax, had escaped assessment.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia, the AO, did not employ diligence while triggering the reassessment proceedings against the petitioner or assessee. The …

Tax Reassessment Income Proceedings Form Petitioner Assessee
Wrongful Application Of Foreign Contribution By Trust Not In Accordance With Trust’s Objective: Delhi High Court Upholds Reassessment
1 year, 1 month ago

Wrongful Application Of Foreign Contribution By Trust Not In Accordance With Trust’s Objective: Delhi High Court Upholds Reassessment

Live Law  

The Delhi High Court has upheld the reassessment proceedings against a trust for wrongful application of foreign contribution, which was against the objective of the trust.The bench of Chief Justice Satish Chandra Sharma and Justice Tushar Rao Gedela has observed that the AO based its opinion on tangible and concrete information in the form of the petitioner’s trust deed and …

Trust Tax Court Income Foreign Act Petitioner
There Should Be Finality To Assessment, Can’t Have Repeated Reassessment Proceeding On The Dictate Of Audit Party: Jharkhand High Court
1 year, 2 months ago

There Should Be Finality To Assessment, Can’t Have Repeated Reassessment Proceeding On The Dictate Of Audit Party: Jharkhand High Court

Live Law  

The Jharkhand High Court has held that if the assessing authority is allowed to initiate repeated re-assessment proceedings against an assessee merely on the dictate of the audit party, there would not be finality of assessment. The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that, as far as Sections 42 and 42 of the Jharkhand Value …

Jharkhand Limitation Audit Period Proceedings Legislature Act
Reassessment Proceedings For AY 2013-14, 2014-15 Initiated After 1 April 2021 Have To Be Closed Irrespective Of Income Escaping Assessment: Allahabad High Court
1 year, 9 months ago

Reassessment Proceedings For AY 2013-14, 2014-15 Initiated After 1 April 2021 Have To Be Closed Irrespective Of Income Escaping Assessment: Allahabad High Court

Live Law  

The Allahabad High Court ruled that the Taxation and Other Laws Act, 2020 cannot be used to conduct the reassessment proceedings beyond March 30, 2021. The Enabling Act does not and could not save the pre-existing Sections 147, 148, and 151 of the Income Tax Act pertaining to reassessment, and no overriding effect could arise or be given to the …

Finance Tax Reassessment Income Proceedings 2020 Act
Absence Of Material: Bombay High Court Quashes Reassessment Proceedings
1 year, 10 months 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, …

Court Assessment Proceedings Material Bombay High Reassessment Proceedings
Delhi High Court Stays Reassessment Order Based On Internal Audit Objection
1 year, 10 months 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 …

Reassessment Delhi High Court Based Act Petitioner Section 148 Reassessment Proceedings
Tax Cases Monthly Round-Up: June 2022
2 years, 5 months ago

Tax Cases Monthly Round-Up: June 2022

Live Law  

Direct Tax: Delhi High Court: Underreporting Of Income Due To Re-Computation Of Disallowance By The AO, Does Not Amount To Misreporting Of Income: Delhi High Court Case Title: Prem Brothers Infrastructure LLP. Notice Issued Under Section 148 Of The Income Tax Act Against ADeceased Assessee Is Invalid : Reiterates Delhi High Court Case Title: Davinder Singh Thapar versus Assistant Commissioner …

India Justice Delhi Supreme Court High Court Tax Court
Reassessment Proceedings Can't Be Initiated On Same Set Of Facts Available: ITAT
2 years, 5 months ago

Reassessment Proceedings Can't Be Initiated On Same Set Of Facts Available: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that the reassessment proceedings cannot be initiated by applying a fresh application of mind to the same set of facts available at the time of the original scrutiny assessment proceedings. The Assessing Officer issued the notice under section 148 of the Income Tax Act, initiating the reassessment proceedings in …

Reassessment Assessment Income Proceedings Officer Act Itat
Taxation Relaxation Act Doesn't Sanction Applying Repealed Provisions : Madras HC Sets Aside Reassessment Notices U/S 148 Of Old Income Tax Act
2 years, 10 months ago

Taxation Relaxation Act Doesn't Sanction Applying Repealed Provisions : Madras HC Sets Aside Reassessment Notices U/S 148 Of Old Income Tax Act

Live Law  

The Madras High Court has recently set aside a number of reassessment notices issued under the 1961 Income Tax Act by iterating that the Taxation Relaxation Act, 2020 only extends the period of limitation and not the application of repealed provisions in light of the amended provisions effective from 1st April, 2021.The first bench of Acting Chief Justice Munishwar Nath …

Relaxation Tax Court Income Tax Income Tax Act Notices High
Taxation Relaxation Act Does Not Validate Reassessment Notices Issued Under Old Income Tax Act Regime : Delhi High Court Quashes 1.3K Notices
3 years ago

Taxation Relaxation Act Does Not Validate Reassessment Notices Issued Under Old Income Tax Act Regime : Delhi High Court Quashes 1.3K Notices

Live Law  

The Delhi High Court on Wednesday held that sec. The petitioners-assessees also sought a declaration for declaring Explanations A/A to the Notification dated 31st March, 2021 and Notification dated 27th April, 2021 to the extent that they extend the applicability of the "provisions of Section 148, Section 149 and Section 151 of the Act, as the case may be, as …

Government Finance Relaxation Tax Court Reassessment Income Tax