Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (8) TMI 268 - AT - Income TaxValidity of reopening of assessment u/s 147 - Eligibility of reason to believe - HELD THAT:- There is no tangible material in this case. Admittedly, re-opening is done for mere verification of certain transactions. We will not dig into the merits of the issue and correctness of the addition at this stage without deciding on the legal issue. Re-opening is done for mere verification only. In our view, such attempts of the AO are not approved by the decisions of higher judicial authorities as well as the Co-ordinate Bench of the Tribunals. Absence of any tangible material, AO’s reason of mere verification for re-opening the assessment, jurisdiction assumed by the AO in this case is not valid. Accordingly, relevant ground / additional grounds are allowed in favour of the assessee.
|