Power of reopening an assessment is a ‘power’ which should be exercised with adequate reason

Power of reopening an assessment is a ‘power’ which should be exercised with adequate reason https://www.taxtmi.com/article/detailed?id=11455 The power to reopen an assessment must be exercised with adequate reasons and an effective opportunity to be heard. Non-disclosure of the source of information and inadequate time to reply prevented effective submissions; the assessing officer also failed to engage with the taxpayer's ledger evidence. The matter is remitted to the show cause stage so the taxpayer can submit a comprehensive reply and the assessing officer must disclose the material basis for reopening before deciding afresh. en-us Fri, 02 Jun 2023 10:20:29 +0530 Fri, 02 Jun 2023 10:20:29 +0530 TaxTMI RSS Generator Power of reopening an assessment is a ‘power’ which should be exercised with adequate reason https://www.taxtmi.com/article/detailed?id=11455 The power to reopen an assessment must be exercised with adequate reasons and an effective opportunity to be heard. Non-disclosure of the source of information and inadequate time to reply prevented effective submissions; the assessing officer also failed to engage with the taxpayer's ledger evidence. The matter is remitted to the show cause stage so the taxpayer can submit a comprehensive reply and the assessing officer must disclose the material basis for reopening before deciding afresh. Articles Income Tax Fri, 02 Jun 2023 10:20:29 +0530 https://www.taxtmi.com/article/detailed?id=11455