Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (1) TMI 332 - AT - Income TaxReopening of assessment u/s 147 - eligibility of reasons to believe - disallowing of loss - HELD THAT:- The assessee has filed her return of income. AO has not made any analysis on what the assessee has claimed, how prima-facie the claim of the assessee could be bogus on the basis of the information supplied by the Investigation Wing and therefore an income appears to have been escaped - Section 147 of the Act nowhere authorizes the AO to reopen an assessment for verification of the claim made by the assessee. AO is required to analyze the information possessed by him within the light of information supplied by the assessee in the return of income, and thereafter he has to form a prima facie opinion that such and such income appears to have escaped from assessment. In the reasons he has nowhere even mentioned what is the loss or gain claimed by the assessee in such transactions. The assessee has filed her return of income. AO has not made any analysis on what the assessee has claimed, how prima-facie the claim of the assessee could be bogus on the basis of the information supplied by the Investigation Wing and therefore an income appears to have been escaped! Section 147 nowhere authorizes the Assessing Officer to reopen an assessment for verification of the claim made by the assessee. AO is required to analyze the information possessed by him within the light of information supplied by the assessee in the return of income, and thereafter he has to form a prima facie opinion that such and such income appears to have escaped from assessment. In the reasons he has nowhere even mentioned what is the loss or gain claimed by the assessee in such transactions. In the present case, there is no prima-facie opinion formed by the Assessing Officer before issue of notice under Section 148 of the Act; therefore, the reopening of the assessment is bad in the eyes of law. - Decided in favour of assessee.
|