https://www.taxtmi.com/caselaws?id=446113 The Kerala HC dismissed a writ petition challenging reopening of assessment under Section 147 of the IT Act. The petitioner's income from share transfer during acquisition of National Woods Products had escaped assessment under Section 56(2)(viib). The court held that mere submission of books of accounts and statutory auditor's certificate did not discharge the assessee's obligation to disclose all material facts fully. The AO had formed a valid opinion that income escaped assessment, and the Principal Commissioner's sanction was not mechanical. No jurisdictional error was found in reopening proceedings. The petitioner was directed to pursue appellate remedy under Section 246A against the final assessment order. en-us Thu, 16 Nov 2023 00:00:00 +0530 Sat, 25 Nov 2023 06:03:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446113 The Kerala HC dismissed a writ petition challenging reopening of assessment under Section 147 of the IT Act. The petitioner's income from share transfer during acquisition of National Woods Products had escaped assessment under Section 56(2)(viib). The court held that mere submission of books of accounts and statutory auditor's certificate did not discharge the assessee's obligation to disclose all material facts fully. The AO had formed a valid opinion that income escaped assessment, and the Principal Commissioner's sanction was not mechanical. No jurisdictional error was found in reopening proceedings. The petitioner was directed to pursue appellate remedy under Section 246A against the final assessment order. Case-Laws Income Tax Thu, 16 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446113