Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Where reassessment was initiated within four years, the AO was not required to quantify the alleged escapement in the recorded reasons; reopening to verify impugned transactions was therefore valid. Consequently, the assessee's objection that no addition could be made for purchases from one of the concerned vendors on the ground that such transactions were outside the reopening reasons was rejected, and the AO was held competent to examine and make additions on those purchases. On the genuineness of such purchases and the appropriate disallowance, profit was directed to be estimated at 5% higher than the GP rate disclosed for the year, after granting opportunity of hearing, resulting in partial relief. - ITAT
Where reassessment was initiated within four years, the AO was not required to quantify the alleged escapement in the recorded reasons; reopening to verify impugned transactions was therefore valid. Consequently, the assessee's objection that no addition could be made for purchases from one of the concerned vendors on the ground that such transactions were outside the reopening reasons was rejected, and the AO was held competent to examine and make additions on those purchases. On the genuineness of such purchases and the appropriate disallowance, profit was directed to be estimated at 5% higher than the GP rate disclosed for the year, after granting opportunity of hearing, resulting in partial relief. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
