Held that \u00a0since the allegation was of escapement of income more than Rs. 1 lakh, the reopening could not be said to be invalid in view of the provisions of section\u00a0149(1)(b)\u00a0of the Act. Therefore, the reopening of assessment proceeding was valid. Tribunal also held that \u00a0the Assessing Officer having completed the assessment under section\u00a0143(3)\u00a0making additions in respect of unexplained investment, could not reopen the assessment for enhancement of the addition merely based on the report of the District Valuation Officer. (AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Unexplained investment-Assessment cannot be reopened merely on the basis of Report of District valuation officer-Allegation of escapement of income more than Rs. 1 lakh-Reassessment proceedings valid. [S. 69, 148, 149(1)(b)] <\/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":[21],"tags":[],"class_list":["post-26285","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6PX","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26285","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=26285"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26285\/revisions"}],"predecessor-version":[{"id":26286,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26285\/revisions\/26286"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=26285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=26285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=26285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}