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| The Tax Publishers2019 TaxPub(DT) 1243 (Guj-HC) INCOME TAX ACT, 1961
Section 147
Where assessee assailed the reopening of assessment contending that AO sought to reopen the assessment solely based on audited accounts, Court issued returnable notice to concerned authorities.
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Reassessment - Reopening of assessment solely based on audited accounts - Validity of -
In the instant appeal assessee assailed the reassessment proceedings initiated by AO. Contention of assessee was that for the reasons recorded, AO could not have formed the belief that income chargeable to tax had escaped assessment, as AO sought to reopen the assessment only on the basis of audited accounts. Held: Considering the submissions advanced by assessee, returnable notice was issued.
REFERRED :
FAVOUR : Returnable notice issued.
A.Y. :
IN THE GUJARAT HIGH COURT
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