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| The Tax Publishers2020 TaxPub(DT) 0465 (Mum-Trib) INCOME TAX ACT, 1961
Section 147
Assessment was completed under section 143(3) originally during course of which assessee had filed all the relevant details in respect of set off of unabsorbed losses and depreciation relating to amalgamating company and also furnished copy of High Court order approving scheme of amalgamation, and reopening was done merely on change of opinion and not based on any material on record which had come subsequent to completion of assessment under section 143(3), accordingly, reopening was quashed.
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Reassessment - Reason to believe - Change of opinion -
AO reopened assessment by issuing notice under ection 148 for the reason that assessee had claimed excess set off of carry forward and accumulated loss and unabsorbed depreciation relating to amalgamating company under section 72A.Held: As apparent, assessment was completed under section 143(3) originally during course of which assessee had filed all the relevant details in respect of set off of unabsorbed losses and depreciation relating to amalgamating company and also furnished copy of High Court order approving scheme of amalgamation, and reopening was done merely on change of opinion and not based on any material on record which had come subsequent to completion of assessment under section 143(3). Accordingly, reopening was quashed.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10
IN THE ITAT, MUMBAI BENCH
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