Reopening of assessment u/s 147 - Reassessment after expiry of ...

Reassessment u/s 147 of Income Tax Act overturned; evidence of creditor repayment deemed credible.

October 12, 2022

Case Laws Income Tax AT

Reopening of assessment u/s 147 - Reassessment after expiry of four years and just prior to expiry of six years from the end of the relevant assessment year - outstanding sundry creditors - Assessee had demonstrated that in case of the present creditor also, repayment has been made. That being the factual position emerging on record, addition made by the assessing officer is unsustainable. - AT

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Reopening of assessment u/s 147 - Reassessment after expiry of ...

Reassessment u/s 147 of Income Tax Act overturned; evidence of creditor repayment deemed credible.

October 12, 2022

Case Laws Income Tax AT

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