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| The Tax Publishers2020 TaxPub(DT) 1320 (Ind-Trib) INCOME TAX ACT, 1961
Section 147
After issuance of notice under section 148. AO accepted contentions of assessee and held that income which he had initially formed a reason to believe as to having escaped assessment, as a matter of fact not escaped assessment, it was not open to him independently to assess some other income. Accordingly, reassessment order was quashed as invalid.
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Reassessment - Validity - AO independently assessed some other income without making addition as regards income forming the subject matter of reason to believe -
Notice under section 148 was issued for alleged violation of section 54F by withdrawing a sum of Rs. 26,00,000 from the amount deposited under capital gain scheme. However, no addition was made under this head and income was assessed vide order under section 143(3)/147 by adding Rs. 39,40,000 as Long Term Capital Gain. Held:After issuance of notice under section 148, AO accepted contentions of assessee and held that income which he had initially formed a reason to believe as to having escaped assessment, as a matter of fact not escaped assessment, it was not open to him independently to assess some other income. Accordingly, reassessment order was quashed as invalid.
Relied: Ranbaxy Laboratories Limited v. CIT ITA No. 148/2008 Del HC : 2011 TaxPub(DT) 1457 (Del-HC) CIT v. Jet Airways (I) Ltd. (2011) 78 CCH 0365 Mum HC : 2011 TaxPub(DT) 0218 (Bom-HC) Dipti Mehta v. ITO ITA No. 2032/Ko1l2018 Kol Trib : 2019 TaxPub(DT) 1846 (Kol-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, INDORE BENCH
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