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2016 (10) TMI 1364 - BOMBAY HIGH COURTReopening of assessment u/s 147 - Whether reasons as recorded do not indicate any reason to believe that income chargeable to tax has escaped assessment? - HELD THAT:- The reasons, as recorded merely indicate that there was client code modification which lead to a non genuine loss. The reasons do not indicate, how the aforesaid facts led to the AO having reason to believe that income chargeable to tax has escaped assessment. Therefore, prima facie there is absence of link between information obtained and escapement of income chargeable to tax. Thus, the reasons, as recorded, do not prima facie indicate the reasons to believe that income chargeable to tax has escaped assessment. The contention on behalf of the Revenue that this would be done at the time of assessment, does not satisfy the jurisdictional requirement of AO having reason to believe that the income chargeable to tax has escaped assessment at the time of issuing the impugned notice.
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