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2014 (8) TMI 69 - ITAT MUMBAIReopening of assessment u/s 147 r.w section 148 - Disclosure of facts - Held that:- AO formed his opinion that the income had escaped assessment only on re-examination of the records and not from any other information or any new or additional fact coming to his knowledge – Relying upon Assistant Commissioner of Income-Tax Versus Rajesh Jhaveri Stock Brokers P. Limited [2007 (5) TMI 197 - SUPREME Court] - if to a set of facts and circumstances, the AO has applied his mind and he was of the belief that there was no escapement of income then for invoking the provisions of section 147 of the Act, he is precluded, on the basis of same facts and circumstances, to say that he has reason to believe that income of the assessee has escaped assessment - the AO had not come to a conclusion that the full disclosure of the facts was not made by the assessee or that the income had escaped assessment on account of failure or omission of the assessee to make a true and full disclosure of material facts - assessment was reopened after four years and the AO had not attributed any failure on the part of the assessee to disclose truly and fully the material which required disclosure for making assessment, the action of the AO in reopening the assessment u/s 143(3) r.w. section 147 suffered from lack of jurisdiction - the reopening of assessment u/s 147 is set aside – Decided in favour of assessee.
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