https://www.taxtmi.com/caselaws?id=753601 The ITAT Kolkata held that an assessment framed without disposing of the assessee's objections against reopening is invalid. The tribunal emphasized that only the AO has exclusive power to reopen assessments and must form a bona fide belief that income escaped assessment. When objections are filed against reopening, the AO must decide them and cannot pass final assessment orders for four weeks after disposal if objections are rejected. Since the AO failed to dispose of objections before completing assessment, the reopened assessment and consequential additions were held unsustainable. The case was decided in favor of the assessee. en-us Mon, 15 Jan 2024 00:00:00 +0530 Thu, 06 Jun 2024 08:22:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753601 The ITAT Kolkata held that an assessment framed without disposing of the assessee's objections against reopening is invalid. The tribunal emphasized that only the AO has exclusive power to reopen assessments and must form a bona fide belief that income escaped assessment. When objections are filed against reopening, the AO must decide them and cannot pass final assessment orders for four weeks after disposal if objections are rejected. Since the AO failed to dispose of objections before completing assessment, the reopened assessment and consequential additions were held unsustainable. The case was decided in favor of the assessee. Case-Laws Income Tax Mon, 15 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753601