Reopening Invalid Without Tangible Evidence Linking CFO to Escaped Income

Smt Seema Swami Vs ACIT (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi Bench has quashed reassessment proceedings initiated against Smt. Seema Swami for the Assessment Year 2008-09, citing an invalid assumption of jurisdiction by the Assessing Officer (AO). The Tribunal ruled that the AO failed to demonstrate the existence of tangible material to form a “reason to believe” that income had escaped assessment, which is a prerequisite for reopening a completed assessment. The case involved Smt. Seema Swami, legal heir to her deceased husband, Shri Manoj Kumar Swamy, a Charter...