https://www.taxtmi.com/caselaws?id=311053 ITAT Mumbai held that reopening assessment after four years under section 147 requires AO to establish assessee's failure to disclose material facts truly and fully, not merely having reason to believe income escaped assessment. Where original assessment was completed under section 143(3) and AO failed to mention in recorded reasons how assessee's non-disclosure caused income escapement, the basic prerequisite for issuing notice was unfulfilled, rendering assessment orders invalid. Court emphasized reopening power is not review power and mere change of opinion cannot justify reopening. Since no new material emerged and AO only changed opinion on rental income treatment, reopening lacked valid reasons. Assessee's appeal allowed. en-us Fri, 12 Feb 2016 00:00:00 +0530 Tue, 05 Dec 2023 21:03:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311053 ITAT Mumbai held that reopening assessment after four years under section 147 requires AO to establish assessee's failure to disclose material facts truly and fully, not merely having reason to believe income escaped assessment. Where original assessment was completed under section 143(3) and AO failed to mention in recorded reasons how assessee's non-disclosure caused income escapement, the basic prerequisite for issuing notice was unfulfilled, rendering assessment orders invalid. Court emphasized reopening power is not review power and mere change of opinion cannot justify reopening. Since no new material emerged and AO only changed opinion on rental income treatment, reopening lacked valid reasons. Assessee's appeal allowed. Case-Laws Income Tax Fri, 12 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311053