AO Can't Assess Other Income if Initial Suspicion of Escaped Income u/s 148 Proves Unfounded.

AO Can't Assess Other Income if Initial Suspicion of Escaped Income u/s 148 Proves Unfounded. https://www.taxtmi.com/highlights?id=12648 If after issuing the notice under section 148, the AO holds that the income which he has initially formed a “reason to believe“ had escaped assessment, which, later on, has been found as a matter of fact that it has not escaped assessment, then it is not open to the AO independently to assess some other income. - AT en-us Mon, 13 May 2013 13:44:45 +0530 Mon, 13 May 2013 13:44:45 +0530 TaxTMI RSS Generator AO Can't Assess Other Income if Initial Suspicion of Escaped Income u/s 148 Proves Unfounded. https://www.taxtmi.com/highlights?id=12648 If after issuing the notice under section 148, the AO holds that the income which he has initially formed a “reason to believe“ had escaped assessment, which, later on, has been found as a matter of fact that it has not escaped assessment, then it is not open to the AO independently to assess some other income. - AT Highlights Income Tax Mon, 13 May 2013 13:44:45 +0530 https://www.taxtmi.com/highlights?id=12648