Reopening on wrong assumption of facts by AO cannot be sustained

DCIT Vs R.S. Associates Commerz (ITAT Mumbai) Provisions of Sec.148 of the Act has to invoked only when the A.O. has reason to believe that the income has escaped assessment. where as in the present case on perusal of the various clauses which the Ld. AR has referred in the hearing, it is very clear that the reasons for sharing expenses and revenue are supported with the evidences and in most of the cases it is revenue sharing inter se between the assessee and developer and there is no cost/ expenditure sharing by the developer. We find that the Ld.AR submissions are realistic and has referred...