Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (9) TMI 1355 - AT - Income TaxReopening of assessment u/s 147 - addition made by AO relates to the GP percentage based addition - HELD THAT:- As decided in JET AIRWAYS (I) LTD. [2010 (4) TMI 431 - HIGH COURT OF BOMBAY] Income in respect of which notice issued not found to be escaped income – Once the AO accepts that the income in respect of which he entertained reason to believe to have escaped assessment, was not in fact escaped income; he has no jurisdiction to reassess other items of income. Considering the above settled nature of the issue and undisputed fact that the AO did not make any addition on account of reasons recorded by him while reopening the assessment, we are of the opinion that the reassessments made by the Assessing Officer are to be quashed as null and void. - Decided in favour of assessee.
|