Saturday, 29 March 2014

Annulment of scrutiny assessment by higher authorities can't be a ground for reopening of assessment

IT: Reopening of assessment under section 147 on ground that assessment under section 143(3) has been annulled by higher authorities would mean abuse of process of law; assessment can only be reopened if Assessing Officer comes into knowledge of any new material from which he has reason to believe that certain income of assessee has escaped assessment


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