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Reassessment

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

Taxscan Team

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

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

Re-Assessment become Void If it was made on the basis of Incriminating Materials found During Search...

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

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

Notice for Reassessment invalid If it is not served, rules Bombay HC [Read Order]

The division bench of the Bombay High Court has recently ruled that, Notice for the reassessment under Section 148 of Income Tax Act invalid if issued but not served properly. The petitioner is an...

Reassessment u/s 147 void where No New Material came into Record: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) in the case of ACIT v. M/s. Goldmohur Design and Apparel Park Ltd. held that where the assessee duly furnished relevant material and no new...

Notice before Initiating Reassessment Proceeding is a Mandatory Requirement: ITAT [Read Order]

The ITAT Amritsar held that notice under Section 148 or 142(1) of the Income Tax Act which is served upon the deceased assessee or his sole legal heir is a mandatory requirement. In the instant case,...

Reassessment Proceeding must be initiated within the Time Limit prescribed under Section 149(1)(b): Chhattisgarh HC [Read Judgment]

The Chhattisgarh High Court in M/s. Ardent Steel Limited vs. ACIT & Anr. held that reassessment proceeding must be initiated within the time limit prescribed under Section 149(1)(b) of the Income...

Failure of Full Disclosure Valid Ground for Reassessment: Bombay High Court [Read Judgment]

In Ajeet Seeds Pvt. Ltd vs Union of India, the Bombay High Court approved the reopening of assessment under Section 147 read with Section 148 of the Income Tax Act, 1961 on the ground that the...

Reassessment Order under Sec 143(3) rws 147 without Notice is Invalid: ITAT [Read Order]

In a recent decision in Prakash Rameshbhai Nanda vs Income Tax Officer, Rajkot bench of Income Tax Appellate Tribunal (ITAT) recently held that reassessment order under Section 143(3) read with...