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TMI Blog2021 (12) TMI 517X X X X Extracts X X X X X X X X Extracts X X X X ..... esearch Fund, RSDC Skill Development Fund; these funds were not routed through Income and Expenditure Account and directly credited to corpus fund. As per the details available on record, the assessee has been denied the benefits of trust etc. Therefore, there is nothing in the reasons recorded to show that petitioner had failed to disclose all material facts. Moreover, petitioner has annexed to the petition a copy of the audit query or revenue audit, DCIT (Exemption) which indicates that decision to re-open the assessment is purely based on this audit query. Income Tax Officer must determine for himself what is the effect and consequence of the law mentioned in the audit note and whether in consequence of the law which has come to hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .Y. 2013-14 has escaped assessment within the meaning of Section 147 of the Act. The reasons for such a belief is contained in letter dated 30th June, 2021. Respondents have not filed reply affidavit though petition has been served. 2. Mr. Walve stated that the notice as well as impugned order speaks for itself and submitted that there was no error in the notice and the order impugned in this petition. 3. We have considered the reasons recorded for re-opening the assessment and we are satisfied that it is nothing but change of opinion which is not permissible in law and there was no failure on the part of petitioner to fully and truly disclosed any material fact. It is settled law that where a notice under Section 143 of the Act is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ased on this audit query. The Income Tax Officer must determine for himself what is the effect and consequence of the law mentioned in the audit note and whether in consequence of the law which has come to his notice he can reasonably believe that income had escaped assessment. The basis of his belief must be the law of which he has now become aware. The opinion rendered by the audit party in regard to the law cannot, for the purpose of such belief, add to or colour the significance of such law. The true evaluation of the law in its bearing on the assessment must be made directly and solely by the Income Tax Officer. This is not the case with the matter at hand. We found support for this view in Ananta Landmark (P) Ltd. vs. Deputy Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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