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The Tax PublishersITA No. 705(Asr)/2017
2019 TaxPub(DT) 3356 (Asr-Trib)INCOME TAX ACT, 1961
Section 147
An assessment cannot be re-opened under section 147 on the basis of same facts and materials, which were disclosed at the time of original assessment made under section 143(3), by mere change of opinion. Accordingly, the impugned reassessment order was liable to be quashed.
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Reassessment - Change of opinion - Absence of tangible material -
Assessee sold 1/3rd share of an agricultural land and claimed long-term capital loss. AO issued notice under section 148 for reopening assessment on the ground that there was failure on the part of assessee to disclose fully and truly the cost price of the alleged agricultural land and that the taxable income to that extent had escaped assessment within the meaning of section 147. Held: In the instant case, the AO reopened the proceedings on the basis of same facts, which were already considered by him while passing the original assessment order under section 143(3). It is well settled that the assessment cannot be re-opened under section 147 on the basis of same facts and materials, which were disclosed at the time of original assessment made under section 143(3), by mere change of opinion. Therefore, as reassessment was based upon mere change of opinion, the reassessment order was liable to be quashed.
Relied:CIT v. Kelvinator (I) Ltd. (2010) 320 ITR 561 (SC): 2010 TaxPub(DT) 1335 (SC)
REFERRED : CIT v. Kelvinator of India Ltd. (2002) 256 ITR 1 (Del): 2002 TaxPub(DT) 1348 (Del-HC)
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, AMRITSAR BENCH
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