Tribunal held that there was a total non-application of mind on the part of the AO\u00a0 while recording the reasons for reopening of the assessment. He had recorded an incorrect amount as having escaped assessment. His conclusion was merely based on the observations and information received from the Director of Income-tax, which were not brought on record and his conclusion was merely based on doubts because he was not sure whether or not the transaction was genuine. The AO merely repeated the report of the Investigation Wing in the reasons and formed his belief that income chargeable to tax had escaped assessment without arriving at his satisfaction. Accordingly the reassessment is held to be bad in law.\u00a0 (AY. 2005 -06)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment\u2013With in four years-Non application of mind- Recording of incorrect figures-Merely repeating investigation report\u2013Reassessment is held to be invalid. [S. 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-6404","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Fi","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6404","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=6404"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6404\/revisions"}],"predecessor-version":[{"id":6405,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6404\/revisions\/6405"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=6404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=6404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=6404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}