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2023 (6) TMI 349 - AT - Income TaxReopening of assessment u/s 147 - share application money and share premium which has escaped assessment - HELD THAT:- Having gone through the reasons to believe recorded by the Ld. AO, income escaping assessment has been alleged to be in respect of the share application money and share premium whereas in the assessment order, there is no whisper in this respect but a show cause notice was issued seeking explanation for unsecured loans from two parties for which the addition has been made while completing the assessment. In the assessment completed, there is no addition in respect of the income escaping assessment alleged by the Ld. AO. We hold that the impugned assessment order passed u/s. 143(3) r.w.s.147 of the Act is bad in law. When the very foundation of reopening is knocked out, further proceedings undertaken would not survive. Accordingly, the additional ground taken by the assessee is allowed.
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