Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1905 - AT - Income TaxReopening of assessment u/s 147 - material to form any reason to believe any escapement of income - information received from the Investigation Wing - Challenge of the assessee is that since in the reasons recorded, the AO has not spelt out as to what he did with the information received by him from the Investigation Wing, the reasons are hit by the vice of non-application of mind to the information so received - HELD THAT:- In a situation like the present one, as is trite, where there is a cleavage of opinion between different High Courts on an issue and none of the decisions has been rendered by the jurisdictional High Court, the view in favour of the assessee needs to be followed. Hence, in deferential keeping with ‘Meenakshi Overseas’ [2017 (5) TMI 1428 - DELHI HIGH COURT] the reasons recorded by the AO to form belief of escapement of income are found to be no reasons in the eye of the law. They are held to be null and void and are cancelled. Accordingly, the reassessment proceedings, culminating in the impugned order, are also cancelled. Nothing further survives for adjudication. In the result, the appeal is allowed.
|