https://www.taxtmi.com/caselaws?id=458794 ITAT Chandigarh held that reopening of assessment under section 147 was invalid due to factually incorrect reasons recorded by AO. The reasons contained wrong date of return filing and incorrectly stated declared income as Rs.1,62,28,910 instead of actual Nil income. Court rejected Department's argument that errors were inadvertent mistakes, ruling that reasons must be read as recorded. Since factually incorrect reasons could not lead to valid satisfaction that income escaped assessment, the entire reassessment proceedings were quashed as void ab initio. en-us Mon, 01 Jul 2024 00:00:00 +0530 Fri, 15 Nov 2024 18:59:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458794 ITAT Chandigarh held that reopening of assessment under section 147 was invalid due to factually incorrect reasons recorded by AO. The reasons contained wrong date of return filing and incorrectly stated declared income as Rs.1,62,28,910 instead of actual Nil income. Court rejected Department's argument that errors were inadvertent mistakes, ruling that reasons must be read as recorded. Since factually incorrect reasons could not lead to valid satisfaction that income escaped assessment, the entire reassessment proceedings were quashed as void ab initio. Case-Laws Income Tax Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458794