TMI BlogReopening of assessment u/s 147 - The words ‘ reason to believe’ appearing in Section 147 cannot mean...Reopening of assessment u/s 147 - The words ‘ reason to believe’ appearing in Section 147 cannot mean that the A.O should have finally ascertained the facts. Assessing Officer merely forms a ‘belief’ from the examination he makes and if escaped assessment, it would amount to saying that he has ‘ reason to believe’ that such income has ‘escaped assessment’. The justification for his belief is not to be judged from the standards of proof required for coming to a final decision. - HC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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