https://www.taxtmi.com/highlights?id=68217 Reopening of assessment u/s 147 - The words ‘ reason to believe’ appearing in Section 147 cannot mean that the A.O should have finally ascertained the facts. Assessing Officer merely forms a ‘belief’ from the examination he makes and if escaped assessment, it would amount to saying that he has ‘ reason to believe’ that such income has ‘escaped assessment’. The justification for his belief is not to be judged from the standards of proof required for coming to a final decision. - HC en-us Fri, 10 Feb 2023 12:43:06 +0530 Fri, 10 Feb 2023 12:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=68217 Reopening of assessment u/s 147 - The words ‘ reason to believe’ appearing in Section 147 cannot mean that the A.O should have finally ascertained the facts. Assessing Officer merely forms a ‘belief’ from the examination he makes and if escaped assessment, it would amount to saying that he has ‘ reason to believe’ that such income has ‘escaped assessment’. The justification for his belief is not to be judged from the standards of proof required for coming to a final decision. - HC Highlights Income Tax Fri, 10 Feb 2023 12:43:06 +0530 https://www.taxtmi.com/highlights?id=68217