Reopening of assessment u/s 147 - since the proposed re-opening ...

Court Rules Reopening of Assessment Unjustified Due to Lack of Evidence Under Income Tax Act Section 147 Proviso.

March 22, 2022

Case Laws Income Tax HC

Reopening of assessment u/s 147 - since the proposed re-opening has been issued after expiry of four years of the end of the relevant assessment year, proviso to Section 147 of the Act would apply in as much as the Revenue has to show that there has been fault on the part of petitioner to truly and fully disclose material facts required for assessment. Not only as Revenue not made any such allegations in the reasons for re-opening, we cannot even cull out from the reasons recorded that Revenue has even suggested that there has been failure on the part of petitioner to disclose truly and fully material facts. - HC

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Reopening of assessment u/s 147 - since the proposed re-opening ...

Court Rules Reopening of Assessment Unjustified Due to Lack of Evidence Under Income Tax Act Section 147 Proviso.

March 22, 2022

Case Laws Income Tax HC

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