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| The Tax Publishers2020 TaxPub(DT) 2561 (Mad-HC) : (2021) 435 ITR 0533 INCOME TAX ACT, 1961
Section 148 Section 147, Proviso
As there was no failure on the part of assessee to either truly or fully furnish the information that was required for completing assessment, reassessment notice was clearly hit by proviso to section 147 being inspired from change of opinion and was, therefore, set aside.
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Reassessment - Notice beyond four years - No failure to disclose truly and fully all material facts -
AO sought to reopen assessment after expiry of four years from the end of relevant assessment year so as to deny adjustment of brought forward loss of amalgamating company allowed earlier during original assessment. Assessee challenged this.Held: The issue as to whether assessee was entitled to adjust brought forward loss from the books of account of transferor company was subject-matter of discussion before assessment orders was passed for respective assessment years and accordingly, there was no failure on the part of assessee to either truly or fully furnish the information that was required for completing assessment. Therefore, reassessment notice was clearly hit by proviso to section 147 being inspired from change of opinion and was, therefore, set aside.
Relied:CIT v. Kelvinator of India Ltd. (2010) 2 SCC 723 : 2010 TaxPub(DT) 1335 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2010-11 & 2011-12
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