https://www.taxtmi.com/highlights?id=67398 Reopening of assessment u/s 147 - transactions in question were in the nature of partners’ capital withdrawal - As in the communication whereby the reasons recorded were supplied, no satisfaction was recorded by the assessing officer that the income chargeable to tax has escaped assessment. Not only the said requirement was not satisfied, but as seen above, there was no actual escapment of income as well. - HC en-us Thu, 29 Dec 2022 18:14:23 +0530 Thu, 29 Dec 2022 18:14:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67398 Reopening of assessment u/s 147 - transactions in question were in the nature of partners’ capital withdrawal - As in the communication whereby the reasons recorded were supplied, no satisfaction was recorded by the assessing officer that the income chargeable to tax has escaped assessment. Not only the said requirement was not satisfied, but as seen above, there was no actual escapment of income as well. - HC Highlights Income Tax Thu, 29 Dec 2022 18:14:23 +0530 https://www.taxtmi.com/highlights?id=67398