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2015 (9) TMI 56 - ITAT AHMEDABADReassessment proceedings - disallowance of proportionate interest and addition u/s. 40(a)(ia) - CIT(A) annulled Reassessment proceedings and deleted disallowance - Held that:- The assessment year involved is AY 2005-06 and, hence, the re-opening of the assessment is after four years and therefore, the 1st proviso to section 147 of the Act is applicable. As per the reasons recorded by the AO for re-opening of the assessment, it is seen that it is noted by the AO in the reasons that the reasons are on the basis of perusal of the assessment records and there is no allegation that there was nay failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. In the present case, it is established that the requirement of first proviso to section 147 are not being complied with and therefore, the re-opening after four years is not valid. Therefore, we uphold the finding of the ld.CIT(A) regarding annulment of the assessment. - Decided against revenue.
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