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2012 (12) TMI 6 - AT - Income TaxReassessment u/s 147 - Notice u/s 148 on the basis of the information provided by the assessee during the course of appellate proceedings that investment relates to HUF and not to the individual. - Tax effect - held that:- There is uncontroverted fact that the tax effect in the present appeal is below prescribed monetary limit. - the appeal of the Revenue is dismissed being not maintainable. Even on merit, ld. CIT(A) has rightly quashed the order of the AO as the ITAT, Indore - Since the above direction has been quashed by the ITAT, the AO was not right in framing reassessment proceedings against the assessee. - Decided in favor of assessee.
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