Invocation of section 147 untenable in absence of new/ fresh material indicating escapement of income

Global Arkitekts P. Ltd. Vs ITO (ITAT Chennai) ITAT Chennai held that AO having chosen not to scrutinize the return cannot resort to the provisions of section 147 of the Income Tax Act in absence of any new or fresh material indicating escapement of income. Facts- The assessee mainly contended that the notice issued u/s. 148 is without any basis and without any reasonable belief. The reopening has been resorted to based on information already available in the return of income and therefore, reopening beyond 4 years is not permissible in terms of various judicial pronouncements. Conclusion- The...