| |
| The Tax Publishers2019 TaxPub(DT) 7040 (Agra-Trib) INCOME TAX ACT, 1961
Section 147
Since AO did not examine impugned issue of interest from FDRs in original assessment, there was no change of opinion on the part of AO while recording reasons to believe under section 147, therefore, reopening of assessment was confirmed.
|
Reassessment - Reason to believe - Assessee alleging change of opinion on AO's part -
AO framed original assessment under section 143(3) by estimating profit rate after rejecting books of account. Subsequently, AO noticed that assessee's interest income from FDRs to the extent of Rs. 47 lakhs had escaped assessment. Accordingly, AO reopened assessment and made addition. Assessee's case was that there was no escapement of income of Rs. 47 lakhs as it was shown in ITR-V and, therefore, in the absence of any fresh information, reopening of assessment merely based on change of opinion was illegal and arbitrary.Held: Since AO did not examine the issue of interest from FDRs in original assessment, there was no change of opinion on the part of AO while recording reasons to believe under section 147, therefore, reopening of assessment was confirmed.
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2010-11
INCOME TAX ACT, 1961
Section 147
 SUBSCRIBE FOR FULL CONTENT
|