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| The Tax Publishers2020 TaxPub(DT) 0368 (Del-HC) INCOME TAX ACT, 1961
Section 147
Since there was no allegation against the assessee that there was failure on the part of the assessee to make a true disclosure, nor AO had relied on any tangible material, therefore, reopening by AO was a clear case of change of opinion and consequently bad in law.
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Reassessment - Validity - No failure on the part of the assessee to make a true disclosure -
Issue arose under consideration as to whether Tribunal was justified in holding the re-assessment proceedings as invalid, without appreciating the fact that the issue was not a subject-matter of verification in the original assessment proceedings, hence re-assessment was not based on change of opinion. Held: Tribunal gave a finding that there was no failure on the part of assessee to disclose fully and truly all material facts and that nothing contrary was demonstrated as to why this finding was incorrect, therefore, questions of law proposed did not give rise to any substantial question of law.
REFERRED : CIT v. Kelvinator of India Ltd. (2010) 320 ITR 561 (SC) : 2010 TaxPub(DT) 1335 (SC), JM Financial Institutional Securities Ltd. v. Dy. CIT [ITA No. 179/Mum/2016, dt. 11-8-2016], CIT & Anr. v. Foramer France (2003) 264 ITR 566 (SC) : 2003 TaxPub(DT) 933 (SC) and Ess Ess Kay Engineering Co. P. Ltd. v. CIT (2001) 247 ITR 818 (SC) : 2001 TaxPub(DT) 52 (SC).
FAVOUR : In assessee's favour.
A.Y. :
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