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Reassessment

Reassessment proceeding is not valid when there is no connection between recorded reason and Addition of the Income: ITAT [Read Order]

The Amritsar Bench of the Income Tax Appellate Tribunal (ITAT) has held that a reassessment proceeding is not valid when there is no connection...

Mere Suspicion without Valid Reason not sufficient to Initiate Reassessment: ITAT [Read Order]

Reassessment based on Mere Change of Opinion is Invalid: ITAT [Read Order]

Change of Opinion on Existing Records not a Valid Ground for Reassessment: Gujarat HC allows Plea of...

Calcutta HC confirms Income Tax Addition for Deposit of Unaccounted Cash in Shell Companies [Read...

Reassessment of Jain Cooperative Bank: Delhi HC refuses to Prevent Proceedings on the Merits of the Case [Read Order]

A Division Bench of the Delhi High Court, ruled in favour of the Income Tax Department while deciding a writ petition by Jain Cooperative Bank Ltd. and held that, the court cannot strike down the...

Re-Assessment Framed for Escapement of Income by Share Trading Business which does not belong to Assessee: ITAT sets aside proceedings u/s 147 [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad set aside proceedings under Section 147 on the ground that Re assessment framed for escapement of income by a share trading business that does not...

Assessment cannot be Re-opened u/s 148A Income Tax Act without Furnishing of Full Information: Calcutta HC [Read Order]

A division bench of the Calcutta High Court has held that re-assessment under section 148A of the Income Tax Act, 1961 cannot be initiated without furnishing full information on the basis of which...

Madras HC Invalidates Continuation of Reassessment Proceedings for Want of Fresh Notice [Read Order]

The division bench of Madras High Court presided by Mr. Justice R. Mahadevan and Mr. Justice J.Sathya Narayana Prasad has invalidated the continuation of reassessment proceedings for want of fresh...

Prima facie belief that there is Escape of Income is sufficient proof to Re-Open Assessment: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench presided by S.S.Godara, Judicial Member held that prima facie belief that there is the escape of income is sufficient proof to initiate...

Reassessment made without serving Notice u/s 148 is Invalid: ITAT [Read Order]

In a significant ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that reassessment made without serving notice u/s 148 is invalid and will not sustain. The appellant...

Relief to Indian Red Cross: ITAT sets aside Addition by AO during re-assessment proceedings [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench consisting of Pramod Kumar, Vice President, and Siddhartha Nautiyal, Judicial Member sets aside addition towards 'Anonymous Donations'...

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