Re-assessment Valid u/s 147 of Income Tax Act; No Sanction Needed as Initiated Within Four Years.

Re-assessment Valid u/s 147 of Income Tax Act; No Sanction Needed as Initiated Within Four Years. https://www.taxtmi.com/highlights?id=46733 Re-assessment u/s 147 - AO was clinched with tangible information in the shape of information from Sales Tax Authorities which prima-facie suggested possible escapement of income - sanction u/s 151(2) is not required as proceedings were triggered within 4 years and first proviso to Section 147 was not applicable since the original return was processed u/s 143(1) - reopening upheld en-us Fri, 24 May 2019 12:07:04 +0530 Fri, 24 May 2019 12:07:04 +0530 TaxTMI RSS Generator Re-assessment Valid u/s 147 of Income Tax Act; No Sanction Needed as Initiated Within Four Years. https://www.taxtmi.com/highlights?id=46733 Re-assessment u/s 147 - AO was clinched with tangible information in the shape of information from Sales Tax Authorities which prima-facie suggested possible escapement of income - sanction u/s 151(2) is not required as proceedings were triggered within 4 years and first proviso to Section 147 was not applicable since the original return was processed u/s 143(1) - reopening upheld Highlights Income Tax Fri, 24 May 2019 12:07:04 +0530 https://www.taxtmi.com/highlights?id=46733