Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (9) TMI 280 - AT - Income TaxReopening of assessment u/s 147 - power of the AO to reopen - HELD THAT:- Interdiction provided in the proviso appended to section 147 of the Income Tax Act puts embargo on the power of the AO to reopen an assessment in the cases where four years have been expired and the assessment was framed under section 143(3) of the Act. The assessment cannot be reopened unless it is established that the assessee has failed to disclose fully and truly all material facts necessary for the assessment for that assessment year. A perusal of the reasons extracted would indicate that nowhere the AO has made out that the income has escaped the assessment on account of failure of the assessee to disclose all material acts fully and truly. Therefore, reassessment is not sustainable. - Decided in favour of assessee.
|