AO has Power to Reassess only on Material Evidence: Gujarat HC dismisses Income Tax Dept’s Appeal [Read Order]

The court noted that The assessing officer reopened the assessment solely based on details from the assessee's profit and loss account, without any new tangible material on record and no failure by the assessee to disclose all necessary facts
By Navasree A.M - On July 11, 2024 11:55 am - 2 mins read
Gujarat High Court - Income Tax Department - Assessing Officer (AO) - Reassessment - Material Evidence - Taxscan

The Gujarat High Court dismissed the appeal of the income tax department citing the Assessing Officer has no power to review, has power to reassess only on tangible material evidence.   The appeal under Section 260A of the Income Tax Act was filed by the Principal Commissioner of Income Tax. It raised the question of whether…

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