Scheme of Section 144B only requires service of a draft assessment order along with the SCN in case of eligible Assessee
Transfer of Depreciable Assets: Tax rate prescribed U/s 112 is applicable even if it is deemed to be taxed as short-term capital gains U/s 50.
An incorrect assumption of facts makes the entire reopening process legally untenable: ITAT Deharaudun
ITAT directed CIT (E) for giving Permanent Registration as procedural non-compliance with state law doesn’t automatically imply non-genuineness of charitable activity.
Sales recorded in books of account, even if alleged to be in genuine, do not result in income escaping assessment: Delhi HC
No Addition u/s 153A without incriminating material found during search – Statements of third parties not sufficient: ITAT Delhi
Reason to believe for Reassessment: AO must exercise discretion independently and not under the dictates of other authorities.
Re-assessment is valid if the AO independently verifies information and forms a reasoned belief of income escaping assessment.
