https://www.taxtmi.com/highlights?id=53733 Reopening of assessment u/s 147 - AO raised a suspicion, as mentioned in the reasons itself, regarding the source of the capital being not genuine or that it may be a modus operandi by the assessee to introduce its undisclosed income by way of share premium , however, this was a mere suspicion of the AO without even an iota of any incriminating tangible material against the assessee or even otherwise. - The words of the statute are "reason to believe" and not "reason to suspect". en-us Wed, 17 Jun 2020 11:27:12 +0530 Wed, 17 Jun 2020 11:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=53733 Reopening of assessment u/s 147 - AO raised a suspicion, as mentioned in the reasons itself, regarding the source of the capital being not genuine or that it may be a modus operandi by the assessee to introduce its undisclosed income by way of share premium , however, this was a mere suspicion of the AO without even an iota of any incriminating tangible material against the assessee or even otherwise. - The words of the statute are "reason to believe" and not "reason to suspect". Highlights Income Tax Wed, 17 Jun 2020 11:27:12 +0530 https://www.taxtmi.com/highlights?id=53733