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2023 (7) TMI 1032 - ITAT DELHIReopening of assessment u/s 147 - reasons to believe - tangible material which came to the possession of AO to initiate reassessment - HELD THAT:- We find that the AO has mentioned that they have reasons to believe that the income has escaped assessment on “account of failure on the part of the assessee to disclose truly and fully” all material facts necessary for assessment within the meaning of proviso to Section 147 This observation of the AO is repellently against the facts on record. AO has made reference of audit report and notes to accounts in reasons recorded which is the assessee’s own audit report, which has been filed with the return of income before the revenue authorities. There is no new tangible material with the AO after four years that the assessee company has escaped assessment. Thus, there is no whisper in the reasons recorded, of any tangible material which came to the possession of the Assessing Officer subsequent to the issue of the intimation - no hesitation to hold that the case has been re- opened bereft of the conditions prescribed u/s 148 - assessment u/s 148 is void ab initio. Decided in favour of assessee.
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