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Re-Assessment

Money Borrowed for Business Purpose is Allowable as Business Expenditure :ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the money borrowed for business purposes was allowable as business...

Time-barred Re-Assessment Proceedings: Delhi HC issues notice for Re-examination [Read Order]

ITAT Invalidates Reassessment as Notice u/s 143(2) Not Issued Within Time Limit" [Read Order]

Telangana HC Dismisses Petition Challenging Re-Assessment Against HSBC Holdings

Re-assessment of Customs Duty cannot be Done at Request of Party who has Self-Assessed Bill of Entry...

Re-Assessment u/s 147 of Income Tax Act cannot be invoked to make Protective Addition: ITAT [Read Order]

The Indore Bench of the Income Tax Appellate Tribunal (ITAT), ruled that the Re-Assessment under Section 147 of Income Tax Act, 1961 cannot be invoked to make a Protective Addition. The Assessing...

Re-Assessment based on ground of Mere Change of Opinion Not Permitted under Law: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it held that re-assessment based on the ground of mere change of opinion is not permitted under law. ...

Usurping Jurisdiction Not a Mere Technical Defect Curable u/s 292B of Income Tax Act: ITAT Quashes Re-Assessment [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT)has quashed the re assessment holding that usurping jurisdiction could not be a mere technical defect curable under Section 292B of the Income...

ITAT Quashes Re-Assessment Order against BSNL [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has quashed the reassessment order against the Bharat Sanchar Nigam Ltd ( BSNL ). The Asssessee Bharat Sanchar Nigam Ltd, has filed appeal...

Defect of Issue of S. 143(2) Notice Prior to Conclusion of Re-Assessment Proceedings Not Curable Invoking S. 292BB: ITAT [Read Order]

The Delhi Income Tax Appellate Tribunal (ITAT) has recently held that the defect of issue of section 143(2) notice prior to conclusion of reassessment proceedings is not curable for invoking section...

Re-Assessment without Formation of Belief of Escapement of Income based on Incorrect Facts is Invalid: ITAT [Read Order]

The Ahmedabad Income Tax Appellate Authority ( ITAT ) has recently held that re-assessment of returns without the formation of belief of escapement of income based on incorrect facts is invalid. ...

Sanction by PCIT for Re-Assessment u/s 147 was Mechanical Approval without Application of Mind: ITAT directs Re-Adjudication [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) has re-adjudication observing that the sanction by Principal Commissioner of Income Tax (PCIT) for the reassessment under Section 147 of...

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