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2022 (2) TMI 223 - AT - Income TaxReopening of assessment u/s 147 - Eligibility of reason to believe - change of opinion - assessee challenged the reopening of the assessment on the ground that the AO has reopened the assessment on mere change of opinion without any fresh tangible material, which is evident from the fact that in the Proceedings the AO examined the cash deposits into the bank account - HELD THAT:- We are of the opinion that the assessee has already disclosed all the information before the AO in the original proceedings itself and the entire information is already available in the assessment record and also this fact is already confirmed in the remand report. There is no fresh tangible material with the AO to form reasonable basis of escapement of income which is evident from the fact that the AO is in the reasons referred to return of income. Hence, it is clear that there is no fresh material available with the AO to re-open the assessment. Therefore, we are of the view that it is only change of opinion on the existing information. Accordingly, re-opening has to be quashed. The Ld. CIT(A) after considering relevant facts has rightly quashed the reopening of assessment. Hence, we are inclined to uphold order of the Ld. CIT(A) and dismiss revenue appeal.
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