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2019 (4) TMI 777 - AT - Income TaxReopening of assessment u/s 148 - review v/s reopening - original assessment was completed u/s 143(3) - Addition u/s 68 as unexplained cash credit - HELD THAT:- The undisputed position that emerges is that AY under appeal is AY 2009-10 and the original assessment was completed u/s 143(3). The reassessment proceedings have been initiated vide issuance of notice u/s 148 dated 27/03/2014 which shows that the reassessment have been triggered within a period of four years from the end of the relevant assessment year and therefore, the rigors of first proviso to Section 147 viz. failure on the part of the assessee to fully and truly disclose all material facts necessary for the assessment, were not applicable to the fact of the present case. The only requirement to be fulfilled in such a case was that AO had reasons to believe that certain income escaped assessment in the hands of the assessee. At the same time, AO is not empowered to review the already concluded issues u/s 143(3) and review in the garb of reassessment was not permissible under the law. Further, mere reasons to suspect could not substitute reasons to believe. - Decided in favour of assessee.
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