The Tax Publishers2021 TaxPub(DT) 2310 (Guj-HC) : (2022) 445 ITR 0685 : (2021) 282 TAXMAN 0265

INCOME TAX ACT, 1961

Section 148

When assessee had disclosed all materials fully and truly at the stage of original assessment proceedings, reopening of assessment beyond four years was hit by proviso to section 147 and section 148 notice was, therefore, quashed as invalid.

Reassessment - Notice beyond four years - No failure to disclose fully and truly all metarial facts -

AO issued notice under section 148 after expiry of four years from the end of relevant assessment year so as to disallow exemption claimed by assessee under section 54B. Assessee took plea of proviso to section 147. Held: At the stage of original assessment proceedings, assessee had disclosed all the primary facts for assessment and based upon the materials AO did not disallow exemption claimed under section 54B. Initiation of reassessment proceedings based on the same set of facts, which were earlier relied upon by AO while framing assessment order, was nothing but mere change of opinion by AO. When assessee had disclosed all materials fully and truly at the stage of original assessment proceedings, reopening of assessment beyond four years was hit by proviso to section 147 and section 148 notice was, therefore, quashed as invalid.

Followed:CIT v. Kelvinator of India Limited 2010 TaxPub(DT) 1335 (SC).

REFERRED :

FAVOUR : In assesse's favour.

A.Y. : 2012-13



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