Initiation of re-assessment proceedings - Reasons to believe - ...

Re-assessment Proceedings Lacked Jurisdictional Basis as AO Failed to Show Income Escapement Justifying Transaction Verification.

December 28, 2022

Case Laws     Income Tax     AT

Initiation of re-assessment proceedings - Reasons to believe - AO initiated re-assessment proceedings just to verify the deposits and withdrawals from the bank account of the assessee. There is no whisper in the reasons as to reason to doubt, much less the reason to believe, about the escapement of income. In view of the fact that the re-assessment has been initiated simply to verify the transactions in the assessee’s bank account, which does not fulfill the jurisdictional condition of belief about the escapement of any income - AT

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