https://www.taxtmi.com/caselaws?id=330372 Reassessment under section 147 must rest on reasons recorded by the Assessing Officer showing material to believe that income had escaped assessment, even where the return was only processed under section 143(1). A reopening notice based merely on a short inquiry summons, non-appearance within a brief time, and a need for further verification was insufficient where the recorded reasons did not independently establish escapement and the assessee's objection that the investment was already disclosed in audited accounts was not addressed. Reasons not contained in the recorded notice could not later be used to justify reopening, so the notice was invalid and liable to be set aside. en-us Wed, 20 Jul 2016 00:00:00 +0530 Tue, 30 Aug 2016 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330372 Reassessment under section 147 must rest on reasons recorded by the Assessing Officer showing material to believe that income had escaped assessment, even where the return was only processed under section 143(1). A reopening notice based merely on a short inquiry summons, non-appearance within a brief time, and a need for further verification was insufficient where the recorded reasons did not independently establish escapement and the assessee's objection that the investment was already disclosed in audited accounts was not addressed. Reasons not contained in the recorded notice could not later be used to justify reopening, so the notice was invalid and liable to be set aside. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330372