Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2008 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (10) TMI 658 - HC - Income TaxAssessment-Reassessment under section 143(3),147 – No new Information – The Tribunal took the view that no new information/material had come to the Assessing Officer after completing the original assessment to form any belief about the escapement of the assessee’s income and that such a belief was entirely based on reappraisal or reconsideration of the material/information already available on record at the time of completion of the original assessment. The tribunal also noted that the letter which was relied upon by the Department as the new information/material coming into the possession of the Assessing Officer was a letter dated August 28, 1999. The Tribunal arrived at the conclusion that the reassessment under section 147/143(3) was not justified as no new material had come before the Assessing officer. Thus it cannot be said that any income had escaped assessment. Taking note of the Supreme Court decision in the case of Indian and Eastern Newspaper Society v. CIT [1979] 119 ITR 996 the Tribunal accepted the assessee’s plea that the reopening of the assessment was not warranted under law. Consequently, the reassessment completed by the Assessing Officer under section 147/143(3) of the said Act was quashed. In this case Delhi High Court-held that the Tribunal has correctly appreciated the law No interference with the decision of the Tribunal is called for. In any event, no substantial question of law arises for our consideration. The appeal is dismissed. – Decision in favor of assessee – against the revenue
|