Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 963 - ITAT DELHIValidity of reopening of assessment u/s 147 of the Act – Reason to believe – Held that:- There was merit in the argument of the assessee in as much as the AO's reasons for reopening are not correct on two counts - assessee had not given any cash to VPS Valves & Tubes P. Ltd. - the investigation information in possession was qua one M/s Manorath Securities Pvt. Ltd and not the assessee – AO had no information from Investigation wing against the assessee - On both the counts the action of reopening the assessment is not tenable - The reasons recorded being not based on correct and valid information, pertaining to assessee the reopening is set aside – Decided in favor of Assessee.
|