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2018 (2) TMI 92 - AT - Income TaxReopening of assessment - reasons to believe - Held that:- As in the present case, we find that the AO is unable to discern the link between the tangible material and the formation of the reasons to believe that income had escaped assessment. In the case on hand the information of bad debts/ advance written off is very much emanating from the audited financial statement available with the AO. Thus the reopening on the basis of financial statement per se does not refer to the tangible material gathered from independent sources. Thus we find that the manner of recording satisfaction remains the same even in the case where no scrutiny assessment was conducted. Therefore respectfully following the co-ordinate Bench order and other judgments as discussed above, we hold that the re-assessment was not valid and in view of above CO filed by assessee is allowed.
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