AO Failed to Record Reason for Escape of Income due to Non-disclosure of Materials Facts by Assessee u/s 147 of Income Tax Act: ITAT Quashes Re-Assessment [Read Order]

By Ipsita Das - On August 19, 2023 9:00 am - 3 mins read

AO - Income - AO Failed to Record Reason for Escape of Income - Non-disclosure of Materials Facts by Assessee - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer failed to record reason for occurance of escape of income due to failure on part of assessee to disclose all materials facts under Section 147 of Income Tax Act, 1961 and thus quashed the re-assessment order. The assessee M/s. Nagpur Power…

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Topics

AO CIT (A)Income Tax Act ITAT Mumbai Re-Assessment S. Rifaur Rahman Section 147 of the Income Tax Act