ITAT Mumbai Quashes Reopening of Assessment Without New Tangible Evidence

DCIT Vs 63 Moons Technologies Limited (ITAT Mumbai)

ITAT Mumbai held that reopening of assessment proceedings under section 147 of the Income Tax Act without any new tangible material is fatal. Accordingly, reopening is not sustainable in law and hence liable to be quashed.

Facts-

The assessee is engaged in the business of development of software technologies and services towards various segment, i.e., exchange business, brokerage and intermediaries services in India as well as outside India. The original assessment was completed u/s. 143(3) r.w.s. 14

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