Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 958 - HC - Income TaxReopening of assessment - reasons to believe - Held that:- The petitioner had not disclosed necessary particulars is without any basis. In any case while examining the validity of initiation of proceedings under section 147 of the Act, what is required to be examined is as to whether the reasons recorded warrant holding of such belief so as to necessitate the issuance of notice under section 148 of the Act. As noticed earlier, the reasons recorded do not indicate that there was any material before the respondent to hold a belief so as to form an opinion, or have reason to believe that income chargeable to tax has escaped assessment so as to vest in the Assessing Officer jurisdiction to make assessment under section 147 of the Act. The impugned notice, therefore, cannot be sustained. - Decided in favour of assessee
|