Reopening of Assessment is Illegal since the Escaped Income forming ‘Reason to Believe’ is not Assessed: ITAT quashes Re-Assessment Order [Read Order]

Reopening - Assessment - Illegal - Income - Believe - not Assessed - ITAT - quashes - Re-Assessment Order - taxscan

The Jaipur Bench of Income Tax Appellate Tribunal (ITAT) held that if the income, the escapement of which was the basis of the formation of the reason to believe, is not assessed or reassessed, it would not be open to the AO to independently assess only that income which comes to his notice subsequently in…

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