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2016 (12) TMI 1587 - AT - Income TaxReopening of assessment - report of the District Valuation Officer relied upon - calculation on valuation of land - Held that:- It is clear that there was no basis or material on record to calculate the value of land @ ₹ 1000/- per sq.yd. and of the cost of construction at ₹ 100/- per sq.ft. as is noted in the reasons. There is no material, what to say of tangible material available on record to justify re-opening of the assessment. The Assessing Officer merely on assumption, presumption, recording vague and nonexisting reasons, recorded the reasons for re-opening of the assessment which are not sufficient to validate the re-opening of the assessment in the matter. Thus, there is no reason to believe with the Assessing Officer to assume the jurisdiction under section 148 of the Income Tax Act. Considering the above discussion, we are of the view that reasons recorded under section 148 of the Act reflect an arbitrary use of power conferred under section 147 of the Act. In this view of the matter, we set aside the orders of authorities below and quash the reopening of the assessment under section 147/148 of the Income Tax Act. - Decided in favour of assessee.
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