Section 147: Reopening Income Tax Assessments Requires Legitimate Basis, Not Mere Claim Verification or Roving Inquiry.

Section 147: Reopening Income Tax Assessments Requires Legitimate Basis, Not Mere Claim Verification or Roving Inquiry. https://www.taxtmi.com/highlights?id=61397 Reopening of assessment u/s 147 - assumption of jurisdiction u/s 148 - For a mere verification of the claim, the power of reopening of the assessment could not be exercised and it further observed that AO under the guise of power to re-open the assessment cannot seek to undertake an undertaking a fishing or roving inquiry or seek to verify the claim as if he is the scrutiny officer. - AT en-us Wed, 12 Jan 2022 12:52:49 +0530 Wed, 12 Jan 2022 12:52:49 +0530 TaxTMI RSS Generator Section 147: Reopening Income Tax Assessments Requires Legitimate Basis, Not Mere Claim Verification or Roving Inquiry. https://www.taxtmi.com/highlights?id=61397 Reopening of assessment u/s 147 - assumption of jurisdiction u/s 148 - For a mere verification of the claim, the power of reopening of the assessment could not be exercised and it further observed that AO under the guise of power to re-open the assessment cannot seek to undertake an undertaking a fishing or roving inquiry or seek to verify the claim as if he is the scrutiny officer. - AT Highlights Income Tax Wed, 12 Jan 2022 12:52:49 +0530 https://www.taxtmi.com/highlights?id=61397