Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 301 - ITAT MUMBAIRe-opening of assessment u/s 147 - Held that:- The AO allowed the expenditure considering the exlanation offered by the assessee during the regular assessment proceedings - Rule was not applicable to the concerned assessment year - It is for the AO to record his findings that the expenditure recorded in the books of account gives rise to a doubt that the correct expenditure in relation to the income, which does not form part of the total income, was not recorded properly - AO failed to give such finding - The AO was not in possession of any tangible material on the basis of which the AO can form his belief - If an AO has already verified the facts of the case while accepting the claim of exemption and had made no disallowance under section 14A in the past, on the same set of facts he cannot opt to reopen the assessment by issuance of notice under section 148 of the Act since it amounts to change of opinion - Decided in favour of assessee.
|