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2024 (4) TMI 346 - AT - Income TaxValidity of reopening of assessment u/s 147 - Reason to believe - perusal of the Form 26AS initiating reassessment proceedings - as per DR there was no need for any tangible material for the ld AO to reopen the proceedings u/s 147 of the Act when the assessment was completed originally u/s 143(1) - CIT(A) quashed reassessment proceedings HELD THAT:- We are unable to accept DR proposition as the existence of tangible material is prerequisite for reopening of an assessment and that tangible material should have live link or nexus with formation of belief for the ld AO to conclude that income of the assessee had escaped assessment. Under these circumstances alone, the assessment could be reopened by the ld AO. This view of ours is fortified by the decision of Kelvinator of India Ltd [2010 (1) TMI 11 - SUPREME COURT]. Admittedly, in the instant case, the reopening has been triggered only on reappraisal and re-verification of Form 26AS of the assessee which was very much available before the ld AO during the course of original assessment proceedings itself and there was absolutely no fresh information or tangible material that had come into the possession of the ld AO subsequent to conclusion of original assessment u/s 143(1) - Grounds raised by the revenue are dismissed.
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