https://www.taxtmi.com/caselaws?id=752268 The Delhi HC set aside a reopening notice for reassessment proceedings. The court held that once an assessee fully discloses all material facts to the Assessing Officer (AO), the onus shifts to the AO to draw proper inferences. The power to reassess escaped income differs from reviewing original assessment decisions. Since the petitioner had fully disclosed relevant aspects and the AO had previously formed an opinion on these issues during original proceedings, continuing reassessment would violate established legal principles. The court emphasized that reassessment cannot proceed when there is no non-disclosure by the assessee, ruling in favor of the assessee. en-us Mon, 18 Mar 2024 00:00:00 +0530 Mon, 06 May 2024 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752268 The Delhi HC set aside a reopening notice for reassessment proceedings. The court held that once an assessee fully discloses all material facts to the Assessing Officer (AO), the onus shifts to the AO to draw proper inferences. The power to reassess escaped income differs from reviewing original assessment decisions. Since the petitioner had fully disclosed relevant aspects and the AO had previously formed an opinion on these issues during original proceedings, continuing reassessment would violate established legal principles. The court emphasized that reassessment cannot proceed when there is no non-disclosure by the assessee, ruling in favor of the assessee. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752268