INCOME TAX ACT, 1961

Section 148

Reassessment - Notice under section 148 - Change of opinion -

AO issued notice under section 148 so as to reopen assessment on the ground of alleged under valuation of stock. Assessee challenged this by way of writ petition.Held: Assessee during original assessment had already furnished all the necessary details with regard to valuation of stock. Stock certificate of valuation issued by site supervisor was also on record. Also in tax audit report, there was reference as regards method of valuation. In the reasons recorded for reopening there was reference balance-sheet Form No. 3CD, profit and loss account already available on record and reopening on the same set of material was nothing but mere change of opinion and, therefore, section 148 notice was set aside.

Followed:CIT v. Kelvinator of India Ltd., (2010) 320 ITR 561 (SC) : 2010 TaxPub(DT) 1335 (SC)

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2011-12

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