https://www.taxtmi.com/caselaws?id=451173 The HC quashed the reopening of assessment u/s 147 for a charitable trust registered u/s 12A. The AO received information from Investigation Officer regarding cash deposits by the trust, but the court found no material basis for belief of income escapement. The trust had properly disclosed donations received in cash, deposited them in bank accounts, and declared nil income with audited accounts. The court held there was no live link between available material and the AO's belief of income escapement, ruling the sanction u/s 151 and notice were issued without application of mind. en-us Mon, 11 Mar 2024 00:00:00 +0530 Thu, 21 Mar 2024 09:24:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451173 The HC quashed the reopening of assessment u/s 147 for a charitable trust registered u/s 12A. The AO received information from Investigation Officer regarding cash deposits by the trust, but the court found no material basis for belief of income escapement. The trust had properly disclosed donations received in cash, deposited them in bank accounts, and declared nil income with audited accounts. The court held there was no live link between available material and the AO's belief of income escapement, ruling the sanction u/s 151 and notice were issued without application of mind. Case-Laws Income Tax Mon, 11 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451173