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2012 (6) TMI 385 - HC - Income TaxValidity of reopening u/s 147 - ITAT delete the entire addition made by lower authority on the basis of the factual error pointed out by the audit party – Held that:- Re – opening on the basis of the audit objection is not acceptable as it had not explained any provisions of law in the said objection but had merely pointed out certain factual mistakes - the assessee had categorically stated the receipt of the award money by Earth Vision, 1992,Tokyo Global Entertainment Film Festival and not from the Government of India " in the balance sheet under the head of "Notes on Account" - in the absence of any reason that the assessee has failed to disclose fully and truly all material facts necessary for assessment , re-opening cannot be warranted - the Assessing Officer must have tangible material and the reasons must have a live link with the formation of the belief - the conceptual difference between power to review and power to reassess as Assessing Officer has no power to review and has the power to reassess – in favour of assessee.
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