Section 148B of the Income Tax Act
The decision most relied on for Section 148B is 1. Malabar Industrial Company Ltd. v. CIT (332 ITR 231), cited in 23 of the 193 judgments on BharatTax that turn on this section.
Leading authorities on Section 148B
An Assessing Officer's order is not erroneous, in so far as it is prejudicial to the interest of the revenue, solely because the Principal Commissioner disagrees with the AO's conscious decision made after due verification.
Capital gains are taxable only when there is a transfer of property, and not merely on the execution of an agreement for sale. The registration of an agreement for sale is crucial for determining the nature and taxability of the transaction.
Assessments reopened under Section 147/148 based on information found during a search under Section 153A/153C require compliance with the conditions laid out in Section 149, as interpreted in relation to the law prior to the Finance Act, 2021.
Loose papers without independent corroboration are considered 'dumb documents' and cannot be used as the sole basis for an income tax addition.
Mechanical approval of a draft assessment order by a superior authority renders the assessment order void ab initio, as it indicates a lack of proper application of mind.
