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2023 (9) TMI 1030 - AT - Income TaxValidity of the reassessment order framed u/s 143(3) r.w.s 147 in the absence of fresh tangible materials - assessee contended that the AO has formed reasons to believe that the income of the assessee has escaped assessment merely on verification of the same set of documents which were available during the assessment proceedings - HELD THAT:- What is emerging from the above reasons is this that the AO has initiated the proceedings after verification of the case records which implies that there was no fresh tangible material available on record distinct from what was available during the original assessment proceedings. Thus, in the absence of any fresh material coming to the notice of the AO giving rise to draw the reasons to believe that the income of the assessee has escaped assessment, in our considered view, is without any basis and therefore the proceedings initiated under section 147 of the Act is liable to be quashed. Thus we are of the opinion that the reopening is not as per the provisions of law but based on the same set of documents which were available during the original assessment proceedings. Accordingly, we quashed the proceedings initiated u/s 147 of the Act. Decided in favour of assessee.
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