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2015 (12) TMI 570 - HC - Income TaxReopening of assessment - Entitlement to the deduction u/s 80P(e) denied - Held that:- The jurisdictional condition under Section 147 of the said Act is the formation of belief by the Assessment Officer that income chargeable to tax has escaped assessment. In the present matter, the Assessment Officer expressly did not accept the audit objection and later on acted under the dictate of superior authorities. In IL & FS Investment Managers Ltd vs Income Tax Officers and Ors (2006 (11) TMI 181 - BOMBAY High Court), the Division Bench of this Court has in paragraph no.8 held such initiation of reassessment on the directions of superiors is bad in law. There also the Assessment Officer had opposed the reopening. - Decided in favour of assessee.
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