Bharat Overseas Bank Ltd. v. Assistant Commissioner of Incometax

Case Laws Analysis
Followed CIT v. Kelvinator of India Ltd. 2010 TaxPub(DT) 1335 (SC)

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The Tax PublishersIT Appeal Nos. 830, 831, 1183 & 1184 (Mds.) of 2010 2014 TaxPub(DT) 0660 (Chen-Trib) : (2014) 056 (II) ITCL 0340 : (2014) 061 SOT 0181 Bharat Overseas Bank Ltd. v. Asstt. CIT INCOME TAX ACT, 1961 --Reassessment--Full and true disclosure Change of opinion vis-a-vis notice under section 148 after four years--During originala ssessment undr section 143(3) AO held that income of assessee from Bankok Branch in Thailand was not taxable in India and accordingly benefit was givent o assessee under section 90 read with section 9(1)(vi). The AO, however, after four years reopened assessment on the ground that income of assessee earned in Thailand was required to be taxed in India with allowance of tax credit on actual tax paid by assessee in Thailand subject to provision of DTAA. *Held:* Reopening was not valid as assessment reopened after four years and assessee had disclsoed full and true facts and AO had dealt with issue while completing assessment under section 143(3). SUBSCRIBE FOR FULL CONTENT

The Tax PublishersIT Appeal Nos. 830, 831, 1183 & 1184 (Mds.) of 2010
2014 TaxPub(DT) 0660 (Chen-Trib) : (2014) 056 (II) ITCL 0340 : (2014) 061 SOT 0181

Bharat Overseas Bank Ltd. v. Asstt. CIT

INCOME TAX ACT, 1961

--Reassessment--Full and true disclosure Change of opinion vis-a-vis notice under section 148 after four years--During originala ssessment undr section 143(3) AO held that income of assessee from Bankok Branch in Thailand was not taxable in India and accordingly benefit was givent o assessee under section 90 read with section 9(1)(vi). The AO, however, after four years reopened assessment on the ground that income of assessee earned in Thailand was required to be taxed in India with allowance of tax credit on actual tax paid by assessee in Thailand subject to provision of DTAA. Held: Reopening was not valid as assessment reopened after four years and assessee had disclsoed full and true facts and AO had dealt with issue while completing assessment under section 143(3).