Reopening of assessment u/s 147 - Reopening based on audit ...

Tax Assessment Reopening Quashed: Court Rules Non-Compliance with Section 147 Proviso on Disclosure and Audit Objections.

February 3, 2024

Case Laws Income Tax HC

Reopening of assessment u/s 147 - Reopening based on audit objections - reasons to believe - High Court observed that, reopening an assessment beyond four years requires not only a reason to believe that income has escaped assessment but also a failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment. - Accordingly, High Court held that, the reasons for reopening were not in compliance with the proviso to Section 147 of the Act and, therefore, quashed the notice and order.

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Reopening of assessment u/s 147 - Reopening based on audit ...

Tax Assessment Reopening Quashed: Court Rules Non-Compliance with Section 147 Proviso on Disclosure and Audit Objections.

February 3, 2024

Case Laws Income Tax HC

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