https://www.taxtmi.com/caselaws?id=753955 The ITAT Delhi held that reopening of assessment u/s 147/148 was invalid as it was based on stale information already available during original assessment u/s 143(3). The AO had conducted extensive inquiries including recording director's statement during survey operations before completing the original assessment. The subsequent reopening by a different AO relied on the same information without any fresh material, constituting mere change of opinion. The court emphasized that reasons to believe must be based on new information not previously considered. Since both business income and income from other sources attract same tax rate of 30%, and no tax escapement was established, the assumption of jurisdiction was vitiated. Assessment was quashed in favor of assessee. en-us Tue, 23 Jan 2024 00:00:00 +0530 Thu, 13 Jun 2024 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753955 The ITAT Delhi held that reopening of assessment u/s 147/148 was invalid as it was based on stale information already available during original assessment u/s 143(3). The AO had conducted extensive inquiries including recording director's statement during survey operations before completing the original assessment. The subsequent reopening by a different AO relied on the same information without any fresh material, constituting mere change of opinion. The court emphasized that reasons to believe must be based on new information not previously considered. Since both business income and income from other sources attract same tax rate of 30%, and no tax escapement was established, the assumption of jurisdiction was vitiated. Assessment was quashed in favor of assessee. Case-Laws Income Tax Tue, 23 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753955