Reopening of assessment - reasons to believe - The reasons as ...

Income Tax

September 22, 2023

Reopening of assessment - reasons to believe - The reasons as recorded at the highest, can only be termed as “a suspicion subject to a case of fishing inquiry”. Even though the Revenue has a greater latitude in re-opening an assessment where the return of income has been processed u/s 143(1) of the Act, even in such cases the re-opening of an assessment can only be done if there is reason to believe that income chargeable to tax has escaped assessment. - HC

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Reopening of assessment - reasons to believe - The reasons as ...

Income Tax

September 22, 2023

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