Income Tax Assessment Reopening Requires Legitimate Reasons, Not Mere Suspicion; Section 143(1) Discretion Must Be Justified.

Income Tax Assessment Reopening Requires Legitimate Reasons, Not Mere Suspicion; Section 143(1) Discretion Must Be Justified. https://www.taxtmi.com/highlights?id=72171 Reopening of assessment - reasons to believe - The reasons as recorded at the highest, can only be termed as “a suspicion subject to a case of fishing inquiry”. Even though the Revenue has a greater latitude in re-opening an assessment where the return of income has been processed u/s 143(1) of the Act, even in such cases the re-opening of an assessment can only be done if there is reason to believe that income chargeable to tax has escaped assessment. - HC en-us Fri, 22 Sep 2023 15:21:17 +0530 Fri, 22 Sep 2023 15:21:17 +0530 TaxTMI RSS Generator Income Tax Assessment Reopening Requires Legitimate Reasons, Not Mere Suspicion; Section 143(1) Discretion Must Be Justified. https://www.taxtmi.com/highlights?id=72171 Reopening of assessment - reasons to believe - The reasons as recorded at the highest, can only be termed as “a suspicion subject to a case of fishing inquiry”. Even though the Revenue has a greater latitude in re-opening an assessment where the return of income has been processed u/s 143(1) of the Act, even in such cases the re-opening of an assessment can only be done if there is reason to believe that income chargeable to tax has escaped assessment. - HC Highlights Income Tax Fri, 22 Sep 2023 15:21:17 +0530 https://www.taxtmi.com/highlights?id=72171