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2012 (9) TMI 393 - ITAT, CUTTACKValidity of reassessment proceedings u/s 147/148 - rejection of application of the assessee for grant of exemption u/s 10(23C)(vi) - based on aforesaid, AO formed an opinion of escapement of income - Held that:- It is evident from the assessment orders that assessee has claimed exemption u/s.11(1)(a) for A.Y. 2008-09 and the assessee has claimed exemption u/s.10(23C)(iiiad) for the AYs 2006-07 and 2007-08. It is clear that the assessee has not claimed exemption u/s 10(23C)(vi) for any of the periods under consideration. AO from the communication of the CCIT regarding rejection of application of the assessee for exemption u/s.10(23C)(vi) only, came to the conclusion of escapement of income from assessment. Hence, notice issued u/s 148 are not at all valid as there is no satisfaction of the AO himself as to the escapement of income from assessment in the hands of the assessee except receipt of said order of CCIT - Decided in favor of assessee
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