Case Law Analysis
|Income Tax Appellate Tribunal
Section 147 IT Act | Reassessment Invalid If Income Already Disclosed as Trading Receipts : ITAT Delhi
The ITAT Delhi quashed a reassessment under Section 147, holding that monies received as trading receipts, already declared and taxed in the original return, cannot be treated as undisclosed income. This reinforces that reopening is not a tool for fishing expeditions where the taxpayer has fully disclosed the nature and source of receipts, safeguarding businesses from arbitrary reassessments.