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2010 (2) TMI 725 - ITAT, DELHIAddition made by the AO u/s 41(1) on the account of waiver of interest by the financial institution. - Quashing the assessment order passed u/s 147 despite holding that the same was initiated on the basis of change of opinion, which is impermissible and beyond jurisdiction under the section. Regarding addition made u/s 41(1). - Held that:- In the earlier years the said amount was disallowed under section 43B, hence the conditions laid down to add certain amount under section 41(1) were not fulfilled. deceided in favour of Assessee. Quashing Order u/s 147. - Held that:-the impugned proceedings were initiated on the basis of change of opinion of the Assessing Officer formed at the time of original assessment, by revisiting/re-examining the same information/details. Reassessment proceedings initiated on the basis of change of opinion is bad in law. decided in favour of Assessee.
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