Back
DEVASHIS BARUAH
Girish Kumar Agarwalla, C/o. D. R. Brijmohan – Appellant
Versus
Assistant Commissioner of Income Tax, Circle-Jorhat – Respondent
JUDGMENT :
1. All the four writ petitions challenging the initiation of respective reassessment proceedings are taken up for disposal by this common judgment and order.
2. For the purpose of deciding the writ petitions, this Court finds it relevant to take note of the brief facts in respect to the four writ petitions.
WP(C)/5437/2016
3. The Petitioner herein is an assessee under the Income Tax Act, 1961 (for short “the Act of 1961”) having Permanent Account Number. The Petitioner filed his return of income for the Assessment Year 2011-12 relevant to the Financial Year 2010-11 in Form No. ITR-4 on 21.09.2011 vide acknowledgement No. 287799831210911 disclosing total income chargeable to tax at Rs.14,30,000/-. In the return of the income so filed by the Petitioner, it is the case of the Petitioner that the Long Term Capital Gains which were exempted under Section 10(38) of the Act of 1961 were duly reflected. The Petitioner had stated in the writ petition that in the said return, the Petitioner duly incorporated the details of the Long Term Capital Gains earned by him from the sale of the shares at Rs.57,58,923/- on the basis that the sale price was Rs.60,41,458/- and the purchase price w
The court affirmed the validity of reassessment proceedings under the Income Tax Act when there are reasonable grounds to believe that income has escaped assessment, while also emphasizing the signif....
The 'reason to believe' for reassessment must be based on tangible material with a direct nexus to the formation of the belief, and reassessment cannot be made on a change of opinion.
The court reinforced that reassessment cannot occur without tangible evidence linking the belief of income escaping assessment to the material facts disclosed, emphasizing strict adherence to procedu....
A reassessment notice must be based on specific and valid information suggesting income has escaped assessment, and changing the basis for reassessment mid-proceeding is impermissible under the Incom....
Reassessments cannot proceed without valid reasons or independent belief by the assessing authority; mere suspicion is insufficient.
Under section 147 of the Act the proceedings for the reassessment can be initiated only if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
