Validity of reopening of assessment u/s 147 - Addition u/s 68 - ...

Income Tax

August 12, 2021

Validity of reopening of assessment u/s 147 - Addition u/s 68 - The function of the assessing authority at this stage is to administer the statute and what is required is a reason to believe and not to establish fact of escapement of income and therefore, looking to the scope of Section 147 as also sections 148 to 152 of the Act, even if scrutiny assessment has been undertaken, if substantial new material is found in the form of information on the basis of which the assessing authority can form a belief that the income of the petitioner has escaped assessment, it is always open for the assessing authority to reopen the assessment. - HC

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Validity of reopening of assessment u/s 147 - Addition u/s 68 - ...

Income Tax

August 12, 2021

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