Reopening of assessment u/s 147 - AO raised a suspicion, as ...

Court Rules Mere Suspicion Insufficient for Reopening Assessments u/s 147; Requires Concrete Evidence of Undisclosed Income.

June 17, 2020

Case Laws Income Tax AT

Reopening of assessment u/s 147 - AO raised a suspicion, as mentioned in the reasons itself, regarding the source of the capital being not genuine or that it may be a modus operandi by the assessee to introduce its undisclosed income by way of share premium , however, this was a mere suspicion of the AO without even an iota of any incriminating tangible material against the assessee or even otherwise. - The words of the statute are "reason to believe" and not "reason to suspect".

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Reopening of assessment u/s 147 - AO raised a suspicion, as ...

Court Rules Mere Suspicion Insufficient for Reopening Assessments u/s 147; Requires Concrete Evidence of Undisclosed Income.

June 17, 2020

Case Laws Income Tax AT

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