2021 (12) TMI 515 - HC - Income Tax

Reopening of assessment u/s 147 - Validity of reason to believe - deduction u/s 43B - HELD THAT:- In this case a regular assessment order was passed under Section 143 (3) of the said Act. In reply to the Director of Audit, two Assessing Officers had disagreed with the view expressed by the Revenue Audit. One of the two officers who had disagreed with the view of Revenue Audit, inspite of his disagreement has reopened assessment. It is therefore obvious that he has not formed his own opinion that income has escaped assessment. Similar situation had arisen in Il and Fs Investment Managers Ltd.[2006 (11) TMI 181 - BOMBAY HIGH COURT]

In view of the above it is not a case that petitioner has not disclosed anything to respondents and a pre-condition for reopening assessment as per proviso to Section 147 of the Act not having been complied, we will hold that the impugned notice to reopen has been issued without jurisdiction.