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The Tax PublishersITA No. 871/Del/2017
2019 TaxPub(DT) 7697 (Del-Trib) : (2019) 076 ITR (Trib) 0025INCOME TAX ACT, 1961
Section 147
Audit objection did not constitute an information for the purpose of reopening of assessment. Further, AO had duly examined and scrutinized details submitted during original assessment proceedings and had applied his mind regarding exemption under section 10(23C)(iiiab), therefore, reopening of assessment without any tangible material having come into possession of AO so as to disallow exemption, amounted to mere change of opinion and was, therefore, invalid.
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Reassessment - Reason to believe - Audit objection - No tangible material--Change of opinion
AO based on objection received from audit party reopened assessment and disallowed exemption claimed by assessee under section 10(23C)(iiiab). Assessee's case was that reopening was made out of mere change of opinion.Held: Audit objection did not constitute an information for the purpose of reopening of assessment. Further, AO had duly examined and scrutinized details submitted during original assessment proceedings and had applied his mind regarding exemption under section 10(23C)(iiiab), therefore, reopening of assessment without any tangible material having come into possession of AO so as to disallow exemption, amounted to mere change of opinion and was therefore, invalid.
Relied:CIT v. Kelvinator of India Ltd. (2010) 228 CTR 488 (SC) : 2010 TaxPub(DT) 1335 (SC), DIT (E) v. Dhamapakashka Rajakarya Prasakta B.M. Sreenivasaiah Educational Trust (2015) 372 ITR 307 (Karn) : 2015 TaxPub(DT) 1386 (Karn-HC), CIT v. Usha International Ltd. (2012) 253 CTR 113 (FB) (Del) : 2012 TaxPub(DT) 2966 (Del-HC), CIT v. Lucas TVS. Ltd. (2001) 249 ITR 306 (SC) : 2001 TaxPub(DT) 0896 (SC)
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2010-11
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