Assessment Reopening Needs Assessing Officer's Belief of Escaped Income u/s 147 of Income Tax Act.

Assessment Reopening Needs Assessing Officer's Belief of Escaped Income u/s 147 of Income Tax Act. https://www.taxtmi.com/highlights?id=63160 Reopening of assessment u/s 147 - The requirement of section 147 of the Act is the Assessing Officer has reason to believe that income chargeable to tax has escaped assessment. Assessing Officer’s reason to believe is sine-qua-non for reopening assessment. It is not the reason to believe of PCIT or any other authority which matters when it comes to the provisions of section 147 of the Act. - AT en-us Fri, 29 Apr 2022 08:18:04 +0530 Fri, 29 Apr 2022 08:18:04 +0530 TaxTMI RSS Generator Assessment Reopening Needs Assessing Officer's Belief of Escaped Income u/s 147 of Income Tax Act. https://www.taxtmi.com/highlights?id=63160 Reopening of assessment u/s 147 - The requirement of section 147 of the Act is the Assessing Officer has reason to believe that income chargeable to tax has escaped assessment. Assessing Officer’s reason to believe is sine-qua-non for reopening assessment. It is not the reason to believe of PCIT or any other authority which matters when it comes to the provisions of section 147 of the Act. - AT Highlights Income Tax Fri, 29 Apr 2022 08:18:04 +0530 https://www.taxtmi.com/highlights?id=63160