Law:

Section:

JULY 20, 2011 Section 147 of the Income-tax Act, 1961 - Income escaping assessment - General - Where reasons recorded for reopening of assessment, though repeatedly asked by assessee, were furnished only after completion of assessment, reassessment order could not be upheld [In favour of assessee] Where reasons recorded for reopening of assessment, though repeatedly asked by assessee, were furnished only after completion of assessment, reassessment order could not be upheld. CASES REFERRED TO CIT v. Fomento Resorts & Hotels Ltd. [IT Appeal No. 71 of 2006, dated 27-11-2006]. Vimal Gupta for the Appellant. Dinesh Vyas, Ajit Shah and Srihari Iyer for the Respondent. JUDGMENT 1. Whether the Tribunal was justified in cancelling the reopening of the assessment is the question raised in this appeal. 2. The finding of fact recorded by the Income-tax Appellate Tribunal is that in the present case the reasons recorded for reopening of the assessment though repeatedly asked by the…

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