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Reassessment

Know How to Respond to Assessment and Reassessment Notice under Section 148 of the Income Tax Act

Taxscan Team

The Income Tax Department is empowered under Section 147 of the Income Tax Act, 1961 to reassess an individual’s previously filed income tax returns....

Karnataka Govt. extends Time for Completion of Assessment or Reassessment or Rectification,...

Objections for Reopening of Assessment to be raised at Reassessment Proceedings: Orissa HC [Read...

Karnataka Govt. extends Time Limit for Reassessment under VAT for the year 2016-17 [Read Order]

Reassessment not sustainable when Reasons for Initiation of Proceedings Ceased to Survive: ITAT...

Reassessment on basis of Wrong, Incorrect & Non-Existing reasons is Illegal and Bad in Law: ITAT

The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that the Reassessment on the basis of wrong, incorrect and non-existing reasons is illegal and bad in law. The assessee, M/s VSR...

Reassessment invalid If satisfaction for Reopening recorded in Mechanical manner: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that the reassessment is invalid if satisfaction for reopening is recorded in mechanical manner. The assessee, Omkam Developers Ltd....

Reassessment on incorrect facts and by non-application of mind is bad in Law: ITAT [Read Order]

The Income Tax Appellate Tribunal, Delhi Bech “C” quashes the order of reassessment passed on grounds of incorrect facts, non-application of mind and failure to furnish reasons to the assessee. In...

Scope of Reasons vis-à-vis Reassessment under Section 148

Introduction The Income Tax Act, 1961 is in itself a complete code concerning the procedure of completing assessments/reassessments qua the assessees subject to the embedded riders in forms of...

Re-Assessment become Void If it was made on the basis of Incriminating Materials found During Search of 3rd Party: ITAT

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the re-assessment passed under section 147/ 148 of the Income Tax Act becomes null and void since the assessment under section...

Re-Assessment Notice should contain a 'Reason to believe' with supporting Evidence: Delhi HC [Read Judgment]

The Delhi High Court held that assessing officer can initiate the notice for re-assessment with the reasons to believe and with reference to any fresh tangible material. The writ petitions under...

Madras HC disallows Reassessment Proceedings merely on Change of Opinion [Read Judgment]

The Madras High Court has disallowed the Reassessment proceedings merely on his change of opinion on the basis of the same facts and circumstances which has already been considered by him during the...

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