The Tax PublishersTax Case Appeal Nos. 256, 258, 260 to 262, 264, 265, 267 to 270 & 272 to 274 of 2019
2019 TaxPub(DT) 3731 (Mad-HC) : (2020) 312 CTR 0453 : (2019) 264 TAXMAN 0204INCOME TAX ACT, 1961
Section 147, Proviso
There was no failure on the part of assessee to disclose fully and truly all material facts resulting in escapement of income in the form of either excess deductions under section 36(1). All these deductions/allowance of expenses were deeply scrutinized at the time of original assessment and, therefore, reopening beyond four years, based on mere change of opinion, could not be sustained in view of proviso to section 147.
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Reassessment - Beyond four years - No failure to disclose fully and truly all material facts -
AO reopened assessment after expiry of four years from the end of relevant assessment year on the ground of assessee having claimed excess deduction under section 36(1).Held: There was no failure on the part of assessee to disclose fully and truly all material facts resulting in escapement of income in the form of either excess deductions under section 36(1). All these deductions/allowance of expenses were deeply scrutinized at the time of original assessment and, therefore, reopening beyond four years, based on mere change of opinion, could not be sustained in view of proviso to section 147.
Relied:CIT v. M/s. Kelvinator of India Ltd. (2010) 320 ITR 561 (SC) : 2010 TaxPub(DT) 1335 (SC)
REFERRED : Vijaya Bank v. CIT (1991) 187 ITR 541 (SC) : 1991 TaxPub(DT) 0555 (SC), IP. Patel and Co. v. Dy. CIT (2012) 346 ITR 207 (Guj) : 2011 TaxPub(DT) 1709 (Guj-HC), Fenner (India) Ltd. v. Dy. CIT (2000) 241 ITR 672 (Mad) : 2000 TaxPub(DT) 0453 (Mad-HC), City Union Bank Ltd. v. Dy. CIT [ITA Nos. 838 to 851, 959 to 963/Mds/2014 & 1133/Mds/2013, dt. 29-4-2015]
FAVOUR : In assessee's favour.
A.Y. : 1991-92 to 2004-05
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