High Court of Karnataka Allows Appeal in Income Tax Case Due to Non-Application of Mind by ITAT — Reassessment Based on Revised Return Under Immunity Scheme Held Invalid Without Proper Examination of Section 143(1) Acceptance. The court held that the Assessing Officer must have independent reasons to believe income escaped assessment, and the revised return under the Immunity Scheme could not be the sole basis for reopening under Section 147 of the Income Tax Act, 1961.
20 Apr 2015The case pertains to an appeal filed by the assessee, Sri K Nagesh, against the order of the Income Tax Appellate Tribunal (ITAT), Bangalore, dated 29...
