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2023 (9) TMI 1041 - HC - Income TaxReopening of assessment u/s 147 - Reasons for the belief that income has escaped assessment - reopening notice beyond four years - HELD THAT:- In the case at hand, the AO does not say that any income chargeable to tax has escaped assessment. All that the AO desires is ‘examination of certain details pertaining to the amount paid by Petitioner to Crown’. That cannot be stated to be founded on the belief that any income which is chargeable to tax has escaped assessment and hence such verification is necessary. Just because some information has been received from the Investigation Wing, does not entitle Respondent to re-open assessment. The reasons must be founded on the satisfaction of AO that income chargeable to tax has escaped assessment. Once that is not to be found, then, the impugned notice cannot be sustained. What we find is that there are no reasons to believe but, only reasons to suspect. Hence, re-opening of assessment is not satisfactory. notice set aside - Decided in favour of assessee.
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