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| The Tax Publishers2019 TaxPub(DT) 7398 (Bom-HC) : (2020) 312 CTR 0402 : (2020) 274 TAXMAN 0331 INCOME TAX ACT, 1961
Section 147
Where while framing assessment under section 143(3), AO had considered all aspects in details towards eligibility of deduction under section 80-IB(10) for assessee's housing project, then AO could not reopen assessment owing to mere change of opinion to deny benefit of deduction.
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Reassessment - Reason to believe - Denial of deduction under section 80-IB(10) on mere change of opinion -
Assessee challenged notice issued under section 148 to deny benefit of deduction under section 80-IB(10) allowed during original assessment proceedings concluded after scrutiny under section 143(3). Held: Therefore, the basis of the reasons to believe that income chargeable to tax had escaped assessment was that completion certificate was not obtained. This was a subject matter of consideration by AO while passing the assessment order under section 143(3) for relevant assessment year. Thus, reasons in support were a clear case of change of opinion and the reopening notice was without jurisdiction.
Relied:Phool Chand Bajrang Lal & Anr. v. ITO & Anr. (1993) 203 ITR 456 (SC) : 1993 TaxPub(DT) 1453 (SC) Bombay Stock Exchange Ltd. v. Dy. DIT (E) (2014) 365 ITR 181 (Bom) : 2014 TaxPub(DT) 2678 (Bom-HC) Hindustan Lever Ltd. v. R.B. Wadkar, Asstt. CIT & Ors. (No. 1). (2004) 208 ITR 332 (Bom) : 2004 TaxPub(DT) 1424 (Bom-HC) Hindustan Samuha Awas Ltd. v. ITO [ITA Nos. 945 to 950/PN/2010), dt. 30-8-2011]
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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