Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 1033 - AT - Income TaxReopening of assessment u/s 147 - HELD THAT:- AO was not justified to reopen the case of the assessee in view of the provisions u/s 147/148 - No tangible material is on record for reopening the case on the basis of which the AO formed reason to belief that the income has escaped assessment. Mere mentioning the facts as shown by the assessee about the shares premium nowhere gives the plausible reason to the AO to reopen the case u/s 147/148 - Nothing is on record to which it can be assumed that under which circumstances the income of the assessee has become escaped assessment. The other important thing which came into notice that on the basis of similar facts and circumstances the Hon’ble ITAT has decided the issue in case titled as Balbir Ispat Pvt. Ltd. [2019 (1) TMI 1840 - ITAT MUMBAI] in which the notice u/s 147 of the Act nowhere justified. AO has absolutely no material to even suspect, forget believe that income has escaped assessment. Hence, we quashed the reopening and accordingly, the issue of assessee’s appeal on jurisdiction is hereby allowed.
|