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| The Tax Publishers2020 TaxPub(DT) 4943 (Mum-Trib) : (2021) 085 ITR (Trib) 0047 INCOME TAX ACT, 1961
Section 147
Original return of income filed by the assessee was processed under section 143(1). Information supplied by investigation wing to AO formed prima facie basis to enable AO to form a belief of income chargeable to tax having escaped assessment. AO having perused information supplied by investigation wing and formed the belief that income chargeable to tax had escaped assessment, could not be stated to have acted mechanically. Thus, AO rightly issued notice under section 148 for reopening return of income processed under section 143(1).
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Reassessment - Validity - AO perused information supplied by investigation wing - Original return processed under section 143 (1)
AO received information from investigation wing as to assessee having received bogus unsecured loans from alleged entry operators. Accordingly, AO reopened assessment and made addition under section 68. Assessee challenged this on the ground that AO reopened assessment merely based on information emanated from investigation wing without independent application of mind. Held: Original return of income filed by the assessee was processed under section 143(1). Information supplied by investigation wing to AO formed prima facie basis to enable AO to form a belief of income chargeable to tax having escaped assessment. AO having perused information supplied by investigation wing and formed the belief that income chargeable to tax had escaped assessment, could not be stated to have acted mechanically. Thus, AO rightly issued notice under section 148 for reopening return of income processed under section 143(1).
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2007-08
INCOME TAX ACT, 1961
Section 37(1)
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