The High Court quashing the reassessment proceedings under section 148 as being without jurisdiction held that when an assessee had already undergone scrutiny under section 143(3) with full disclosure of transactions, impugned reopening based solely on Investigation Wing information amounted to borrowed satisfaction without independent application of mind. Since the assessee was assessed under MAT provisions of section 115JB and the proposed addition did not create incremental tax liability, the statutory requirement of \u2018reason to believe\u2019 was not met. Consequently, the notice under section 148 and the order disposing of objections were held invalid in law. (AY 2013-14).<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147: Reassessment-Notice under section 148 invalid where original assessment was completed under section 143(3) after full disclosure and satisfaction of AO-AO lacked jurisdiction to reopen assessment in absence of fresh tangible material and amounted to mere change of opinion-Notice and order disposing objections were quashed and set aside-Reassessment cannot be sustained without new material. [S.115JB, S.143(3), 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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-65070","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gVw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65070","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=65070"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65070\/revisions"}],"predecessor-version":[{"id":65071,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65070\/revisions\/65071"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=65070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=65070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=65070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}