Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 862 - HC - Income TaxValidity of notice u/s 148(1) of the Act – Mere-change of opinion - Bar of limitation – Deduction on interest income - u/s 36(1)(viii) of the Act – Held that:- The words “interest income received” can only be the gross interest received – it is not fit to disallow the deduction claimed u/s 36 (1) (viii) - there was no failure on the part of the assessee to disclose fully and truly all material facts as contemplated under the 1st proviso to section 147 of the Act - the initiation of reassessment proceedings u/s 147 of the Act was only based on a “change of opinion” which is impermissible in law - there was no failure on the part of the assessee to disclose fully and truly all material facts in relation to the A.Y. 2005 -2006 - Even in the scrutiny proceedings u/s 143 (3), all disclosures were made by the assessee regarding its claim for a deduction u/s 36 (1) (viii) of the Act – Thus, the reassessment proceedings were initiated only on the basis of a “change of opinion” and had no jurisdiction to reopen the assessment proceedings – Decided in favour of Assessee.
|