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| The Tax Publishers2020 TaxPub(DT) 1956 (Nag-Trib) INCOME TAX ACT, 1961
Section 148
Perusal of reasons recorded for reopening of assessment and audit objection indicated that reasons had been recorded only on the basis of audit objection without there being any new tangible material to derive satisfaction for belief of escapement of income in the hands of assessee. AO had not even applied his independent mind to have belief of escapement of income. It was case of mere change of opinion on the information already available on record and, therefore, notice issued under section 148 was not in accordance with law.
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Reassessment - Notice under section 148 - Reason to believe - Audit objection
AO pursuant to audit objection raised in case of assessee reopened assessment by issuing notice under section 148 so as to make disallowance under section 43B.Held: Perusal of reasons recorded and audit objection indicated that reasons had been recorded only on the basis of audit objection without there being any new tangible material to derive satisfaction for belief of escapement of income in the hands of assessee. AO had not even applied his independent mind to have belief of escapement of income. It was case of mere change of opinion on the information already available on record and, therefore, notice issued under section 148 was not in accordance with law.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10 & 2012-13
INCOME TAX ACT, 1961
Section 268A
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