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2012 (8) TMI 399 - GUJARAT HIGH COURTValidity of reopening of assessment of the order framed u/s 143(3) - alleged diversion of interest bearing fund for non-business purpose - assessee contending change of opinion - Held that:- From the submissions made by the petitioner during the course of the assessment proceedings as well as the findings recorded by the AO, it is apparent that the petitioner had furnished necessary evidence in support of its case that in exchange of the loan at a lower rate to M/s. Nachmo Textiles, it had given trade discounts so as to meet with the deficiency caused by giving loan at a lower rate. Thus, AO on the basis of the material produced and having been satisfied that the utilisation of funds advanced was for the purpose of regular business of the petitioner, the reopening of assessment on the very same ground without there being any additional material, is clearly based upon a mere change of opinion. Assumption of jurisdiction u/s 147 is invalid - Decided in favor of assessee
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