Mere ‘Change of Opinion’ cannot be a ‘Reason to Believe’ Escapement of Income to Initiate Re-Assessment: Delhi HC [Read Order]

Change of Opinion - Reason to Believe - Escapement of Income - Re-Assessment - Delhi HC - Taxscan

The division bench of the Delhi High Court while dismissing an appeal by the income tax department, held that mere “change of opinion” cannot be a “reason to believe” that the income is escaped in order to initiate re-assessment under section 147/148 of the Income Tax Act, 1961. During original assessment proceedings against the assessee,…

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PRINCIPAL COMMISSIONER OF INCOME TAX CIRCLE 2 vs /S. CENTRAL COTTAGE INDUSTRIES CORPORATION OF INDIA LTD

Counsel for Appellant:   Ms.Vibhooti Malhotra & Mr.Shailendra Singh

CITATION:   2022 TAXSCAN (HC) 392

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