Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Reopening of assessment - reason to believe or reason to suspect - The ITAT examined the "reasons recorded" by the AO for reopening the assessment. It noted that the AO relied on the information provided by the SEBI order, which alleged manipulative trading practices by certain entities, including the director of the assessee company. However, the court observed that the name of the assessee company itself was not listed among the entities restrained by SEBI. - The Tribunal emphasized that for the reopening of an assessment, the AO must have "reasons to believe" that income has escaped assessment, not merely "reasons to suspect." It found that the information provided by the SEBI order could only trigger "reasons to suspect" and did not meet the legal requirement for reopening.
Reopening of assessment - reason to believe or reason to suspect - The ITAT examined the "reasons recorded" by the AO for reopening the assessment. It noted that the AO relied on the information provided by the SEBI order, which alleged manipulative trading practices by certain entities, including the director of the assessee company. However, the court observed that the name of the assessee company itself was not listed among the entities restrained by SEBI. - The Tribunal emphasized that for the reopening of an assessment, the AO must have "reasons to believe" that income has escaped assessment, not merely "reasons to suspect." It found that the information provided by the SEBI order could only trigger "reasons to suspect" and did not meet the legal requirement for reopening.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
