| |
| The Tax Publishers2020 TaxPub(DT) 4017 (Mad-HC) : (2020) 428 ITR 0499 : (2020) 275 TAXMAN 0323 INCOME TAX ACT, 1961
Section 147
Where AO had not formed any opinion in the first instance on the issue relating to classification of the land, Tribunal was justified in quashing the re-opening of the assessment on the ground of mere 'change of opinion'.
|
Reassessment - Change of opinion - No new material -
Revenue filed appeal against the order of Tribunal holding that reopening was a mere 'change of opinion' as in the original assessment, there was no finding rendered by the AO with regard to the classification of the land and therefore, the reopening of the assessment was valid in law. Held: Assessee vide letter during the original assessment proceedings had brought the entire details about the sale of the land and also noted the fact that the Gazettee notification issued by the Government was very much available when the original assessment was completed and AO had no new tangible material to clarify its reopening. Further, a crucial aspect was taken note of the Tribunal, i.e., in the case of assessee's spouse, who was also co-owner of the very same property, the property was treated as agricultural land and the assessment was completed under section 143(3) and the said finding remain undisturbed. The above will clearly show that the re-opening of the assessment in the instant case was a clear case of 'change of opinion'.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 54F
 SUBSCRIBE FOR FULL CONTENT
|