Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 560 - AT - Income TaxReopening of assessment - depreciation claim - validity of reason to believe - Held that:- Once the original assessment were completed after considering all details filed by the assessee, unless there is tangible material which is outside of what was filed by the assessee which can justify a reopening there cannot be a valid reopening. As for Explanation 1 to Sec.147 of the Act, assessee having produced profit and loss account, in which it had claimed depreciation, we cannot say that any specific diligence was required in verifying the correctness of the claim of depreciation or correctness of the receipts shown by the assessee in such profit and loss account vis-à-vis its TDS certificates. We are of the opinion that in such cases, Explanation 1 to Section 147 of the Act will not help the Revenue. We thus find that reopening for all the years were invalid. - Decided in favour of assessee.
|