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2017 (8) TMI 935 - GUJARAT HIGH COURTReopening of assessment - Held that:- There is no prima facie suggestion as to why would he pay cash of ₹ 1.58 crores when he stands to gain nothing out of the deal. The Assessing Officer has mechanically adopted the observations of CIT(A), taking them out of context and making the basis of formation of his belief that income chargeable to tax in the hands of assessee has escaped assessment. To link the observations of the CIT(A) he has not referred to any other material at his command which would even prima facie suggest that the petitioner had paid such sum. We are conscious that we are at the stage of testing the confirmation of belief by the Assessing Officer and not the certainty of his observations. Nevertheless, when the belief is founded on no material whatsoever the same would be open to interference. If the material at the command of the Assessing Officer was so inadequate as no prudent person would form a belief that income chargeable to tax had escaped assessment, the court certainly even at this stage would interject.
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