Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
Page of 4817
Press 'Enter' after typing page number.
7741 to 7760 of 96333 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Reassessment initiated beyond three years was tested against the statutory precondition in section 149(1)(b) that the AO must have material to form a reasonable belief that income escaping assessment was likely to be ₹50 lakh or more. The tribunal held that "likely to amount" cannot be inferred merely from gross bank transactions without a preliminary analysis of the nature of entries and the taxable component. On the facts, even treating the credits as receipts yielding commission income, the taxable income could not reasonably exceed ₹50 lakh, and the ultimately assessed escaped income was far below the threshold. The reopening was therefore barred by limitation and without jurisdiction; the appeal was allowed. - ITAT
Reassessment initiated beyond three years was tested against the statutory precondition in section 149(1)(b) that the AO must have material to form a reasonable belief that income escaping assessment was likely to be ₹50 lakh or more. The tribunal held that "likely to amount" cannot be inferred merely from gross bank transactions without a preliminary analysis of the nature of entries and the taxable component. On the facts, even treating the credits as receipts yielding commission income, the taxable income could not reasonably exceed ₹50 lakh, and the ultimately assessed escaped income was far below the threshold. The reopening was therefore barred by limitation and without jurisdiction; the appeal was allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
