Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (3) TMI 1204 - AT - Income TaxReopening of assessment - period of limitation - reasons to believe - Held that:- In the case before us, for both the assessment years, the four years period has expired and there was no negligence on the part of the assessee in producing the material before the Assessing Officer. This Tribunal is of the considered opinion that when the assessee has produced all the relevant material and the Assessing Officer, on the basis of the material filed by the assessee during the course of assessment proceedings, came to the conclusion that the income otherwise chargeable has escaped assessment, there is justification for reopening the assessment after expiry of four years. In view of the above, this Tribunal is of the considered opinion that reopening of assessment for both the assessment years is barred by limitation. Accordingly, the orders of the lower authorities are set aside and the appeals of the assessee for both the assessment years are allowed.
|