Assessment reopening based on Wrong Appreciation of Facts is unsustainable

Advertisement RMP Holding (P) Ltd. Vs ITO (ITAT Delhi) The issue under consideration is whether the re-opening of assessment u/s 147 on the basis of wrong appreciation of facts can be sustained in law? ITAT states that, since the original assessment was framed u/s 143(3) determining the income at as against the returned loss and wherein the issue of unsecured loan creditors was duly considered and accepted on the basis of various supporting documents filed at the time of original assessment and since there is no allegation in the reasons recorded that there is failure on the part of the ass...