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2018 (1) TMI 1446 - AT - Income TaxReopening of assessment - bogus entry of gift given by Sh. Gupta to the assessee - eligibility of reasons to believe - HELD THAT:- A perusal of the reasons recorded by the AO shows that the allegation as per the reasons to believe escapement of income is bogus purchase/sale of shares, while the impugned addition has been made with respect to gift, which shows that the A.O. had no specific information. Hence, as rightly contended, the reasons recorded are vague and farfetched. Assessee categorically submitted that he had not entered into any transaction of purchase/sale of shares. No new adverse information has been brought on record which could suggest any justification for satisfaction to initiate proceedings u/s 147/148, in spite of specific request of the appellant vide letter dt. 24.11.2010. In the proceedings u/s 147, the burden is on the A.O. to prove income escaping assessment as it is the belief of the A.O. for income escaping assessment which can trigger such proceedings. This onus has not been discharged by the AO herein, rendering the initiation of the reassessment proceedings void. - Decided in favour of assessee.
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