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| The Tax Publishers2020 TaxPub(DT) 2298 (Del-Trib) INCOME TAX ACT, 1961
Section 147
Where reasons recorded for reopening of assessment did not reveal as to what tangible material AO came to obtain to justify reassessment notice and aspects recorded by AO in reasons to believe were known to AO and apparently explanations offered by assessee had been taken into account during original assessment, AO could not be permitted to review his earlier assessment order in the garb of reassessment.
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Reassessment - Reason to believe - No fresh tangible material -
AO reopened assessment so as to tax consideration received by non-resident assessee as compensation for use of or right to use of the systems software and applications software by American Express (India) Pvt. Ltd. as of 'Royalty'. Assessee contended that reassessment proceedings were initiated witout there being any fresh material in possession of AO. Held: Aspects recorded by AO in reasons to belive were known to AO and the reasons did not reveal as to what tangible material AO came to obtain to justify reassessment notice. Apparently explanations offered by assessee had been taken into account AO during original assessment, by AO could not be permitted to review his earlier assessment order in the garb of reassessment. Therefore, reassessment proceedings were quashed.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2003-04
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