https://www.taxtmi.com/caselaws?id=451175 The Bombay HC quashed the reassessment proceedings u/s 147 initiated by the revenue department. The court held that reopening the assessment based on cash deposits in the petitioner trust's bank account constituted a mere change of opinion rather than valid "reasons to believe" for income escapement. The cash deposits had already been scrutinized during the original assessment, with specific queries raised and responses provided. The petitioner, being a registered charitable trust u/s 12A eligible for exemption u/s 11, had properly disclosed all cash donations received and deposited them in bank accounts, declaring nil total income. The court found no rational connection between the investigation officer's information and any belief of income escapement, ruling in favor of the assessee. en-us Tue, 12 Mar 2024 00:00:00 +0530 Thu, 21 Mar 2024 09:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451175 The Bombay HC quashed the reassessment proceedings u/s 147 initiated by the revenue department. The court held that reopening the assessment based on cash deposits in the petitioner trust's bank account constituted a mere change of opinion rather than valid "reasons to believe" for income escapement. The cash deposits had already been scrutinized during the original assessment, with specific queries raised and responses provided. The petitioner, being a registered charitable trust u/s 12A eligible for exemption u/s 11, had properly disclosed all cash donations received and deposited them in bank accounts, declaring nil total income. The court found no rational connection between the investigation officer's information and any belief of income escapement, ruling in favor of the assessee. Case-Laws Income Tax Tue, 12 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451175