{"id":9322,"date":"2020-01-20T00:25:16","date_gmt":"2020-01-20T00:25:16","guid":{"rendered":"http:\/\/itatonline.org\/digest\/bptp-ltd-v-pcit-delhihc-www-itatonline-org\/"},"modified":"2020-02-09T06:57:29","modified_gmt":"2020-02-09T06:57:29","slug":"bptp-ltd-v-pcit-delhihc-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/bptp-ltd-v-pcit-delhihc-www-itatonline-org\/","title":{"rendered":"BPTP Ltd  v. PCIT ( 2020) 185 DTR 372 (Delhi)(HC), www.itatonline.org"},"content":{"rendered":"<p>The Petitioner is engaged in the business of real estate and earns income from sale of plots, sale of residential\/commercial properties and interest income on FDRs etc. A comprehensive questionnaire was issued to the Assessee seeking certain information\/clarification. The Assessee was required to submit inter alia the audited accounts; computation of income; details of inventories; purchase and sales; details of Tax Deducted at source (TDS) under various heads. The AO\u00a0 issued the notice for assessment. On writ the court held that , . <strong>If the AO has failed to perform his statutory duty, he cannot review his decision and reopen on a change of opinion. Reopening is not an empty formality. There has to be relevant tangible material for the AO to come to the conclusion that there is escapement of income and there must be a live link with such material for the formation of the belief. Merely using the expression \u201cfailure on the part of the assessee to disclose fully and truly all material facts\u201d is not enough. The reasons must specify as to what is the nature of default or failure on the part of the assessee<\/strong><strong>. <\/strong>( W.P.(C) 13803\/2018, dt. 28.11.2019) (AY. 2012, 13 , 2013 -14)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 147 : Reassessment \u2013 After the   expiry of four years- Tangible material is required \u2013 Live link with such material for formation of the belief- Reason must specify as to what is the nature of default or failure on the part of the assessee-  Reassessment notice is quashed . [ S. 40(a)(ia),148 , 194, 194I , Art .226 ]<\/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-9322","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2qm","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9322","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=9322"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9322\/revisions"}],"predecessor-version":[{"id":9717,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9322\/revisions\/9717"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}