https://www.taxtmi.com/caselaws?id=758725 Gujarat HC held that reopening of assessment u/s 147 was invalid where petitioner had already paid tax u/s 115JB at 7.5%. The court found that adding the alleged escaped income to ordinary provisions would result in tax liability less than what petitioner already paid under Section 115JB assessment. Since no additional tax was due, the basic precondition for reopening - that AO must have reason to believe income escaped assessment - was not satisfied. The AO lacked jurisdiction to issue notices u/s 148, and proceedings were quashed in favour of assessee. en-us Tue, 03 Sep 2024 00:00:00 +0530 Wed, 18 Sep 2024 07:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758725 Gujarat HC held that reopening of assessment u/s 147 was invalid where petitioner had already paid tax u/s 115JB at 7.5%. The court found that adding the alleged escaped income to ordinary provisions would result in tax liability less than what petitioner already paid under Section 115JB assessment. Since no additional tax was due, the basic precondition for reopening - that AO must have reason to believe income escaped assessment - was not satisfied. The AO lacked jurisdiction to issue notices u/s 148, and proceedings were quashed in favour of assessee. Case-Laws Income Tax Tue, 03 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758725