Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 674 - HC - Income TaxReopening of assessment - Validity of reasons to believe - Held that:- Requirement of reason to believe would apply even in a case where the reopening of assessment is being resorted to where previously no scrutiny assessment was framed. In the context of such requirement of reason to believe, on number of occasions, this Court has held and declared that reopening of the assessment cannot be held for a fishing or a roving inquiry or for verification of the records. If one reverts back to the reasons recorded by the Assessing Officer for reopening the assessment, all that he has stated that the records suggest that the assessee has entered into sale transaction of the property of ₹ 40,00,000/and the sale transaction entered into by the assessee is required to be verified. In the result, impugned notice dated 27.03.2017 is set aside. Petition is allowed
|