BALAJI HEALTH CARE PVT. LTD. VS. ITO (ITAT JAIPUR)
ITA. NO. 566 & 567/JP/2018
30-01-2019
ITA. NO. 566 & 567/JP/2018
30-01-2019
S. 147 Reopening of s. 143(1) Intimation for Bogus share capital: The AO cannot
reopen without establishing prima facie that assessee's own money has been
routed back in form of share capital. While he can rely on the report of the
Investigation Wing, he has to carry out further examination and analysis in
order to establish the nexus between the material and formation of belief that
income has escaped assessment. In absence thereof, the assumption of
jurisdiction u/s 147 has no legal basis and resultant reassessment proceedings
deserve to be set-aside.
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