Tax Assessment Reopening Invalid: No Concrete Evidence, Lack of Independent Evaluation Violates Section 148A(d) Requirements.

Tax Assessment Reopening Invalid: No Concrete Evidence, Lack of Independent Evaluation Violates Section 148A(d) Requirements. https://www.taxtmi.com/highlights?id=68514 Reopening of assessment - validity of order passed u/s 148A(d) - the reopening of the assessment was bad as it was based on certain alleged “potential” cash borrowings and certain alleged “possible” financial transactions. That apart, the assessing officer did not independently apply its mind to the information furnished by the DDIT which he is required to do while exercising the power to reopen an assessment. - HC en-us Tue, 28 Feb 2023 11:49:40 +0530 Tue, 28 Feb 2023 11:49:40 +0530 TaxTMI RSS Generator Tax Assessment Reopening Invalid: No Concrete Evidence, Lack of Independent Evaluation Violates Section 148A(d) Requirements. https://www.taxtmi.com/highlights?id=68514 Reopening of assessment - validity of order passed u/s 148A(d) - the reopening of the assessment was bad as it was based on certain alleged “potential” cash borrowings and certain alleged “possible” financial transactions. That apart, the assessing officer did not independently apply its mind to the information furnished by the DDIT which he is required to do while exercising the power to reopen an assessment. - HC Highlights Income Tax Tue, 28 Feb 2023 11:49:40 +0530 https://www.taxtmi.com/highlights?id=68514