Depreciation and routine compliance expenses disallowance did not prove inaccurate particulars or misreporting; penalty sustained only on foreign trav...
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The High Court addressed the issue of reopening assessment u/s 147 of the Income Tax Act. The case involved the alleged absence of a "reason to believe" and a "live link" between information and belief. The assessment was reopened based on information uploaded by the ADIT (Inv) on the Income Tax Department's portal, designated as "High Risk Transaction" for 2016-17. The petitioner had declared the loss in the return for 2017-18, which was accepted by the AO. The Court emphasized that reopening required a valid reason to believe income had escaped assessment, not merely a change of opinion. The Court found the existing Section 147 requirements were not met, as no credible information supported the reopening. The notice u/s 148 and the subsequent order were quashed in favor of the assessee.
The High Court addressed the issue of reopening assessment u/s 147 of the Income Tax Act. The case involved the alleged absence of a "reason to believe" and a "live link" between information and belief. The assessment was reopened based on information uploaded by the ADIT (Inv) on the Income Tax Department's portal, designated as "High Risk Transaction" for 2016-17. The petitioner had declared the loss in the return for 2017-18, which was accepted by the AO. The Court emphasized that reopening required a valid reason to believe income had escaped assessment, not merely a change of opinion. The Court found the existing Section 147 requirements were not met, as no credible information supported the reopening. The notice u/s 148 and the subsequent order were quashed in favor of the assessee.
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