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2016 (5) TMI 1261 - AT - Income TaxReopening of assessment - Held that:- We find that the assessee is having a sugar mill factory and for which it purchased new machinery. It has also leased out its plant & machinery to M/s. Eastern Sugar & Industries Ltd. During the re-assessment proceedings the AO did not find any new material, which could suggest to make any addition u/s. 147 of the Act. The AO did not bring any new material for reopening the assessment u/s. 147 of the Act. In the present case, the material evidence relating to additions said to have been during Section 147 of the Act proceedings were very much available with AO as reflected in the schedules attached to the balance sheet of the assessee, in our opinion, the AO relied only on the existing facts to reopen the assessement, since there was no new material brought on record by the AO to re-open the assessment u/s. 147 of the Act, therefore, the reassessment, is not justified.- Decided in favour of assessee.
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