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The Tax PublishersITA Nos. 6908 & 7097/M/2018
2021 TaxPub(DT) 0084 (Mum-Trib)INCOME TAX ACT, 1961
Section 147
Mere mentioning of facts as shown by assessee about shares premium nowhere gave plausible reason to AO to reopen case under section 147/148. Accordingly, reassessment was set aside.
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Reassesseenebt - Validity - No tangible material to form belief as to tax escapement -
AO reopened assessment on the basis of the analysis of financial statement that assessee company could not fetch certain premium on shares. Held: No tangible material was on record for reopening case on the basis of which AO formed reason to belief that income had escaped assessment. Mere mentioning of facts as shown by assessee about shares premium nowhere gave plausible reason to AO to reopen case under section 147/148. Accordingly, reassessment was set aside.
Relied:Khubchandani Healthparks (P.) Ltd. v. ITO-6(3)(4), Mumbai (2016) 68 Taxmann.com 91 (Bom-HC) : 2016 TaxPub(DT) 1591 (Bom-HC) and Balbir Ispat Pvt. Ltd. v. ITO ITA. No. 6953/Mum/2016, dated 28-1-2019.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2010-11.
IN THE ITAT, MUMBAI BENCH
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