https://www.taxtmi.com/caselaws?id=445604 ITAT Mumbai held that reopening of assessment u/s 147 was invalid where AO relied on information from TDS officer regarding non-deduction of tax on FCCB redemption premium paid to non-resident. Since CIT(A) and ITAT Pune subsequently ruled that no TDS obligation existed as income did not arise in India, the foundational reason to believe for reopening ceased to exist. Applying the legal maxim "Sublato Fundamento credit opus," the tribunal quashed the reopening notice as the underlying basis was legally incorrect. Assessment reopening failed due to absence of valid reasons to believe income had escaped assessment. en-us Mon, 21 Aug 2023 00:00:00 +0530 Fri, 10 Nov 2023 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445604 ITAT Mumbai held that reopening of assessment u/s 147 was invalid where AO relied on information from TDS officer regarding non-deduction of tax on FCCB redemption premium paid to non-resident. Since CIT(A) and ITAT Pune subsequently ruled that no TDS obligation existed as income did not arise in India, the foundational reason to believe for reopening ceased to exist. Applying the legal maxim "Sublato Fundamento credit opus," the tribunal quashed the reopening notice as the underlying basis was legally incorrect. Assessment reopening failed due to absence of valid reasons to believe income had escaped assessment. Case-Laws Income Tax Mon, 21 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445604