Allowing the appeal the Court held that there was no information available with the Assessing Officer specific to the assessment year . The reasons for reopening the assessment did not make any reference whatsoever to any \u201cinformation\u201d in the possession of the Assessing Officer that persuaded him to form the belief that income had escaped assessment. The only \u201cinformation\u201d available with him was the assessment order for the assessment year 1987-88, and no additions were made to the income of the assessee then. If that was the only basis for the reopening it was not permissible. The jurisdictional requirement of S. 147(b)\u00a0as it stood at the relevant time was not fulfilled. The initiation of reassessment under S. \u00a0147\u00a0was invalid. The additions made by the AO under \u00a0S. \u00a068\u00a0on account of the additional share capital amount was to be set aside.(AY.1986-87)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment \u2014Share capital- Notice issued based on disallowances made in for subsequent year \u2014 No information available for specific assessment year \u2013 Notice is held to be invalid [ S.68 , 147(b) , 148 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12222","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3b8","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12222"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12222\/revisions"}],"predecessor-version":[{"id":12223,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12222\/revisions\/12223"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}