Reopening untenable as no nexus between material and belief of AO of escapement of income

Bhavi Leasing & Finance Ltd. Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that reopening of assessment unsustainable in absence of nexus between material coming to the knowledge of the AO And formation of his belief of escapement of income.

Facts-

Reopening of the assessee’s case and reassessment done under section 147 has been challenged on various grounds. Before us, the ld.counsel for the assessee primarily challenged reopening for the following reasons:

Please become a Premium member. If you are already a Premium member, login here to access the full content.