Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reopening of assessment based solely on an audit party's...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision should be considered.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Reopening of assessment based solely on an audit party's objection does not satisfy the statutory 'reason to believe' required for reassessment; the audit objection is characterised as an expert opinion and its reliance amounts to a mere change of opinion. The assessing officer's prior detailed scrutiny and disallowance of exemption under Section 80-IA after threadbare inquiry precluded invoking reassessment provisions where the same issue had been considered from all conceivable angles. Where omission arose from the AO's inability to envisage a point, that does not confer power to reopen under reassessment provisions; the departmental remedy available was power of revision rather than reassessment.
Reopening of assessment based solely on an audit party's objection does not satisfy the statutory 'reason to believe' required for reassessment; the audit objection is characterised as an expert opinion and its reliance amounts to a mere change of opinion. The assessing officer's prior detailed scrutiny and disallowance of exemption under Section 80-IA after threadbare inquiry precluded invoking reassessment provisions where the same issue had been considered from all conceivable angles. Where omission arose from the AO's inability to envisage a point, that does not confer power to reopen under reassessment provisions; the departmental remedy available was power of revision rather than reassessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
