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HC held that reopening of assessment under Section 147 was improper. The AO lacked sufficient material to demonstrate income escaping assessment, as the taxpayer had already declared and paid tax on the transaction. The notice was beyond the prescribed three-year limitation period under Section 149(1), rendering it invalid. The court emphasized that the purpose of sharing information is to enable the assessee's response and allow the AO to make an informed decision. Consequently, the HC allowed the petition and set aside the impugned notice, finding no justification for reassessment.
HC held that reopening of assessment under Section 147 was improper. The AO lacked sufficient material to demonstrate income escaping assessment, as the taxpayer had already declared and paid tax on the transaction. The notice was beyond the prescribed three-year limitation period under Section 149(1), rendering it invalid. The court emphasized that the purpose of sharing information is to enable the assessee's response and allow the AO to make an informed decision. Consequently, the HC allowed the petition and set aside the impugned notice, finding no justification for reassessment.
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