| |
| The Tax Publishers2021 TaxPub(DT) 1321 (Guj-HC) : (2021) 432 ITR 0414 INCOME TAX ACT, 1961
Section 147
Material available with AO at the relevant point of time, while making original assessment under section 143(3) and at the time of reopening of assessment, material available with the AO was the same and there was no any new material surfaced, accordingly, proposed reopening was nothing but mere change of opinion by AO which could not be sustained.
|
Reassessment - Notice under section 147 - Change of opinion by AO -
AO by way of notice issued under section 148 proposed to reopen assessment so as to disallow interest expenses under section 14A read with rule 8D. Held: On bare perusal of reasons recorded for reopening and original assessment order made under section 143(3), the facts emerged that AO had determined the issue of disallowance under section 14A after considering the material available Material available with AO at the relevant point of time, while making original assessment under section 143(3) and at the time of reopening of assessment, material available with the AO was the same and there was no any new material surfaced, accordingly, proposed reopening was nothing but mere change of opinion by AO which could not be sustained. Therefore, section 148 notice was set aside.
Relied:CIT, Delhi v. Kelvinator of India Ltd. (2010) 320 ITR 577 (SC) : 2010 TaxPub(DT) 1302 (SC).
REFERRED : State of U.P. v. Aryaverth Chaval Udhyog 2015 (17) 324
FAVOUR : In assessee's favour.
A.Y. : 2012-13
IN THE GUJARAT HIGH COURT
 SUBSCRIBE FOR FULL CONTENT
|