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2016 (6) TMI 170 - AT - Income TaxReopening of assessment - reasons to believe - Held that:- As the audit objection cannot be considered as tangible material for the AO to reopen u/s 147/148 of the Act concluded assessment u/s 143(3) of the Act , unless the AO records his own satisfaction that income has escaped assessment . In the instant case there is no independent application of mind by the AO to the audit objection to come to the conclusion that income has escaped assessment. While in this instant case, the AO has after considering of the entire material and facts on records have formed an opinion that capital relief is not exigible to tax in the original assessment proceedings , and now it will be covered by change of opinion which is not permissible , as the audit team has also relied upon the same material to propound interpretation of law which is exceeding their jurisdiction - Decided in favour of assessee.
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