Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
The Appellate Tribunal considered the validity of the reopening of assessment u/s 147 beyond four years. The assessment was based on notes to accounts for AY 2009-10. The Tribunal noted that the assessee had fully disclosed details during the original assessment u/s 143(3), and the assessing officer verified these details. The Tribunal emphasized that for reopening after four years, there must be a failure to disclose all material facts. The Supreme Court held that the AO can reassess based on new material only. In this case, the assessing officer made additions based on materials already verified in the original assessment u/s 143(3) without any new basis for reopening. The Tribunal allowed the assessee's appeal.
The Appellate Tribunal considered the validity of the reopening of assessment u/s 147 beyond four years. The assessment was based on notes to accounts for AY 2009-10. The Tribunal noted that the assessee had fully disclosed details during the original assessment u/s 143(3), and the assessing officer verified these details. The Tribunal emphasized that for reopening after four years, there must be a failure to disclose all material facts. The Supreme Court held that the AO can reassess based on new material only. In this case, the assessing officer made additions based on materials already verified in the original assessment u/s 143(3) without any new basis for reopening. The Tribunal allowed the assessee's appeal.
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