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No “reason to believe” without new material – Mumbai ITAT quashes reopening based on mere reappraisal of old records
Case Law Details
- Case Name
- Jaydeep Construction Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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Jaydeep Construction Vs ITO (ITAT Mumbai)
No “reason to believe” without new material – Mumbai ITAT quashes reopening based on mere reappraisal of old records
In a significant ruling, the Mumbai ITAT quashed reassessment proceedings initiated u/s 147 after holding that the AO had reopened the completed scrutiny assessment merely on the basis of a reappraisal of existing records, without any new or tangible material coming into possession after completion of original assessment.
The assessee, a construction firm following the Project Completion Method, had originally ...
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