https://www.taxtmi.com/caselaws?id=466268 Reopening notice premised on a belief of escapement of income cannot validly be issued before the expiry of the statutory return-filing date where no return exists for the year; the assessing officer lacked a lawful basis to form the requisite belief and the approving authority therefore could not validly approve reopening. The tribunal also held that Explanation 2(a) to the reopening provision makes no distinction between different modes of filing a return, so absence of a filed return defeats the formation of belief based on alleged bogus share-trading claims, and the appeal was allowed for the assessee. en-us Thu, 21 Mar 2024 00:00:00 +0530 Fri, 30 Jan 2026 16:22:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466268 Reopening notice premised on a belief of escapement of income cannot validly be issued before the expiry of the statutory return-filing date where no return exists for the year; the assessing officer lacked a lawful basis to form the requisite belief and the approving authority therefore could not validly approve reopening. The tribunal also held that Explanation 2(a) to the reopening provision makes no distinction between different modes of filing a return, so absence of a filed return defeats the formation of belief based on alleged bogus share-trading claims, and the appeal was allowed for the assessee. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466268