Search Results Page

Search Results

1 - 10 of 16 (0.24 seconds)
D.C.I.T.,Circle-11(1), Kolkata vs Turtle Ltd., Howrah on 23 February, 2022 cites

Commnr. Of Income Tax, Delhi vs M/S. Kelvinator Of India Ltd on 18 January, 2010

• "The Hon'ble Apex Court in the case of CIT vs. Kelvinator of India Ltd. reported in 320 ITR 561 has held that mere change of opinion cannot per se be a reason to reopen. The AO has power to reassess but has no power to review. The Court further held that AO has power to reopen the assessment u/s 147 provided there is tangible material to come to the conclusion that there is escapement of income from assessment and the reasons must have live link with the formation of belief. Thus the AO must have some sort of tangible material to establish that he has 'reason to believe' that the income chargeable to tax has escaped assessment.
Supreme Court of India Cites 4 - Cited by 1696 - S H Kapadia - Full Document

M/S. Shalimar Pellet Feeds Ltd., , ... vs Acit, Central Circle - 2(1), , Kolkata on 29 January, 2020

AY: 2012-13 • The Hon'ble Calcutta High Court in the case of Amrit Feeds Ltd. Vs. ACIT reported in 239 CTR 82 has observed that if in the original assessment the AO has raised specific query in the requisition u/s 142(1) and in response to the same the assessee has furnished details and explanations which were considered by the AO and the claim of assessee was accepted than AO cannot reopen assessment for the reason that deduction was wrongly allowed."
Income Tax Appellate Tribunal - Kolkata Cites 17 - Cited by 4 - Full Document

Ganga Saran And Sons Pvt. Ltd. Calcutta vs Income Tax Officer & Ors on 23 April, 1981

9. The Hon'ble Supreme Court in Ganga Saran and Sons P. Ltd. v. ITO, [1981] 130 ITR 1 (SC). held " It is well settled as a result of several decision of this Court that two distinct condition must be satisfied before the AO can assume jurisdiction to issue notice u/s 147. First he must have reason to believe that the income of assessee has escaped assessment. - The important words under Section 147(a) are "has reason to believe" & these words are stronger than the words "is satisfied". The belief entertained by AO must not be arbitrary or irrational. It must be reasonable or in other words it must be based on reasons which are relevant & material. The Court of course cannot investigate into the adequacy or sufficiency of the reasons which have weighed with the AO in coming to the belief, both the Court can certainly examine whether the reason are relevant and have a bearing on the matter in regard to which he is required to entertain the belief before he can issue notice u/s 147(1).
Supreme Court of India Cites 3 - Cited by 305 - P N Bhagwati - Full Document
1   2 Next