Thursday, May 16, 2013

Section 147, read with Section 143(1) and Section 153C: Assessment / Reassessment / Search / Stay

The Delhi High Court has held that even Section 143(1) Intimation cannot be reopened u/s 147 without “fresh material”.

The Bangalore ITAT bench has held that non- supply of recorded reasons before passing reassessment order renders the reopening void u/s 147. Subsequent supply does not validate reassessment order.

The Mumbai High Court has held that failure to obtain JCIT’s approval renders Section 153C Assessment order void.

The Mumbai ITAT bench has held that Section 153A assessment is mandatory even if no incriminating material is found.

The Gujarat High Court has held that AO cannot assess other escaped income if original reason is dropped u/s 147.

The Mumbai High Court has held that Section 292BB does not have retrospective effect.

The Ahemdabad ITAT bench has held that Tribunal has the power to grant unlimited stay of demand under third Proviso to section 254(2A)

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