Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 1347 - AT - Income TaxValidity of reopening of assessment - non-independent application of mind by A0 - Held that:- The so-called reasons recorded for reopening the assessment do not evince any independent application of mind by the AO to the material before him, i.e., the information from the Investigation Wing, much less any independent arrival by the AO, at a belief on the basis of such material before him, that income had escaped assessment. In fact, the assessment order and even the impugned order endorse this fact. See CIT vs. SFIL Stock Broking Ltd.[2010 (4) TMI 102 - DELHI HIGH COURT ] Therefore, the assessee’s grievance by way of the additional ground is justified and it is accepted as such. Accordingly, the very assumption of jurisdiction by the AO u/s 147/148 of the Act, and the entire reassessment proceedings, culminating in the impugned order are quashed. - Decided in favour of assessee
|