No Re-assessment Proceeding u/s 147 of Income Tax Act can be Initiated by AO Without any Tangible Material Showing Escape of Income: ITAT [Read Order]

By Ipsita Das - On August 21, 2023 8:00 am - 2 mins read

No Re-assessment Proceeding Initiated by AO - Tangible Material Showing Escape of Income - ITAT - Income Tax - Tangible Material - Escape of Income - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO) has initiated the re-assessment proceeding under Section 147 of Income Tax Act, 1961 in the absence of any fresh material giving rise to draw the reasons to believe that the income of the assessee has escaped assessment, and thus the…

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