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2018 (7) TMI 583 - AT - Income TaxValidity of reopening of assessment - proof of escapement of income - possession of ‘tangible material’ - Held that:- Reopening was merely on a change of opinion, it is noticed that the case of the assessee was also that there was no fresh tangible material in the possession of AO at the time of recording of reasons for initiating proceedings u/s.147 of the Act. A perusal of the ‘Reasons’ recorded by the AO in this case reveals that at the time of recording of these ‘Reasons’ the AO had examined original assessment records only and report of the auditor filed in those proceedings and no fresh material had come in the possession of the AO. In response to our specific query also, Ld DR could not point out any fresh material available with the AO at the time of reopening of the case of the assessee. Thus, assertion of the assessee that there was no fresh material with AO for reopening of this case, remained uncontroverted. - Decided in favour of assessee
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