https://www.taxtmi.com/highlights?id=55851 Reopening of assessment u/s 147 - eligibility of reasons to believe - the foundation on which the AO based his belief that income chargeable to tax had escaped assessment was absent at the material time when he issued notice u/s. 148, and therefore, the basic legal requirement of reopening u/s. 148 of the Act i.e. AO’s formation of reasons to believe escapement of income prior to reopening of assessment was absent in the given facts of the present case. - AT en-us Fri, 11 Dec 2020 15:34:47 +0530 Fri, 11 Dec 2020 15:34:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55851 Reopening of assessment u/s 147 - eligibility of reasons to believe - the foundation on which the AO based his belief that income chargeable to tax had escaped assessment was absent at the material time when he issued notice u/s. 148, and therefore, the basic legal requirement of reopening u/s. 148 of the Act i.e. AO’s formation of reasons to believe escapement of income prior to reopening of assessment was absent in the given facts of the present case. - AT Highlights Income Tax Fri, 11 Dec 2020 15:34:47 +0530 https://www.taxtmi.com/highlights?id=55851