Consolidated Photo & Finvest Ltd. V. Assistant CIT
INCOME TAX ACT, 1961
Reassessment - Change of opinion -Absence of new material or information
Held: Since, AO had gathered his reasons to believe for initiation of reassessment proceedings under section 147 from very same record as had been subject-matter of completed assessment proceedings. Therefore, mere change of opinion cannot be a basis for reopening completed assessments.
Income-tax Act, 1961, Section 147
A.Y. :1998-99
Decision: In favour of assessee.
Case Law Analysis:CIT v. Kelvinator of India Ltd. [2002] 256 ITR 1/ 123 Taxman 433 (Delhi) (FB) [Para 5], GKN Driveshafts (India) Ltd. v. ITO [2003] 259 ITR 19/[2002] 125 Taxman 963 (SC) [Para 6], Calcutta Discount Co. Ltd. v. ITO [1961] 41 ITR 191 (SC) [Para 13], Kantamani Venkata Narayana & Sons v. First Addl. ITO [1967] 63 ITR 638 (SC) [Para 14], Malegaon Electricity Co. (P.) Ltd. v. CIT [1970] 78 ITR 466 (SC) [Para 15], ITO v. Lakhmani Mewal Das [1976] 103 ITR 437 (SC) [Para 16], Praful Chunilal Patel v. M.J. Makwana, Asstt. CIT [1999] 236 ITR 832 (Guj.) [Para 17] and Gruh Finance Ltd. v. Jt. CIT [2000] 243 ITR 482/[2002] 123 Taxman 196 (Guj.) [Para 18].