News Muncher - searching for account

AO Cannot Assess 'Other Incomes' If No Addition Is Made On Account Of 'Reasons' For Which Reassessment U/S 147 Of IT Act Was Initiated: Delhi HC

The Delhi High Court has made it clear that an Assessing Officer cannot assess other incomes of an Assessee in a case where no addition is made on account of the “reasons” for which reassessment under Section 147 of the Income Tax Act, 1961 was initiated. Section 147 empowers the AO to assess or reassess income and also any other …

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

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 …

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

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 …

Account

Reassessment Notice Can't Be Challenged If Assessee Failed To Submit Crypto Currency Account Transactions: Rajasthan High Court

The Rajasthan High Court has held that the reassessment notice cannot be challenged if the assessee failed to submit crypto currency account transactions to the income tax department. A notice under Section 148A was issued to the petitioner stating that information received suggests that income chargeable to tax for the assessment year 2018-19 has escaped assessment. The Assessing Officer was …