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2016 (6) TMI 449 - AT - Income TaxReopening of assessment - whether the AO can initiate proceedings u/s 147/148 on the basis of certain communication received from his superior revenue authorities showing that the assessee has been provided with accommodation entry to the tune of ₹ 15,00,000/- by a shell company/concern floated by S.K. Gupta? - Held that:- Basic requirement that the AO must apply his mind to the materials in order to have reasons to believe that the income of the Assessee escaped assessment is missing in the present case. See PR. Commissioner of Income Tax-4 Versus G & G Pharma India Ltd. [2015 (10) TMI 754 - DELHI HIGH COURT] - Decided in favour of assesee
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