AO\u00a0 reopened the\u00a0 assessment on ground that re-insurance premium was paid by assessee to non-resident company contrary to provisions of Insurance Act and without deducting TDS while making payment of re-insurance premium to the non-resident company.\u00a0 Allowing the appeal of the assessee the Tribunal held that,\u00a0\u00a0 It was not case of revenue that any new material was found for purpose of reopening of assessments\u2014On basis of material already available while processing assessment, AO came to a conclusion that assessee had not deducted tax while making payment towards re-insurance\u00a0premium. When the AO examined material available on record while passing order u\/s 143(3) and assessee also disclosed payment of re-insurance premium, it could not be said that there was any negligence on part of assessee in disclosing relevant material for completing assessment. Therefore reassessment is held to be bad in law. (AY. 2003 -04 2004-05).<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-Change of opinion-Re-insurance premium- Failure to deduct tax at source\u2013Reassessment is held to be bad in law. [S. 195]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5117","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1kx","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=5117"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5117\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=5117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=5117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=5117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}