Mere 'reason to believe' do not satisfy the condition for re-opening of the assessment
Last updated: 23 February 2023
Court :
Bombay High Court
Brief :
The Hon’ble Bombay High Court in Punia Capital Pvt. Ltd. v. the Assistant Commissioner of Income Tax and Ors. [Writ Petition No.1091 of 2022 dated February 15, 2023] quashed the notice and the consequential order of the Revenue Department for re-opening of assessment. Held that, the Revenue Department could only re-open an assessment beyond four years, if there was a failure on the part of the assessee to disclose material facts fully and truly and not on the basis of "reason to believe" without satisfying the jurisdictional condition required under the provisions of Section 147 of the Income Tax Act, 1961 ("the IT Act").
Citation :
Writ Petition No.1091 of 2022 dated February 15, 2023
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Bimal Jain
Published in Income Tax
Views : 361
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