Reopening of assessment - Substance over Form - Failure to disclose material fact - Duty of the AO to make an enquiry to test the correctness of the disclosure made even if the statutory forms signed and certified by the Chartered Accountant
10 July, 2019
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Substance over form requires assessing officers to inquire beyond certified statutory forms before reopening assessments. Non-disclosure must be sufficiently material to show that, but for it, income would have escaped assessment; Assessing Officers must not rely mechanically ... Summary
Substance over form requires assessing officers to inquire beyond certified statutory forms before reopening assessments.
Non-disclosure must be sufficiently material to show that, but for it, income would have escaped assessment; Assessing Officers must not rely mechanically on CA-certified statutory forms and must make independent enquiries, applying the substance over form principle when determining commencement of commercial production or eligibility for tax concessions.
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