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2002 (10) TMI 12 - RAJASTHAN HIGH COURT"Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in holding that any action taken by the Assessing Officer under section 147(b) of the Income-tax Act, 1961, on the basis of an audit report does tantamount to change of opinion and, therefore, action under section 147(b) was not justified?" - There is no dispute that at the time of completing the original assessment, the position of the valuation of closing stock was examined by the Assessing Officer. The Assessing Officer could have taken one view or the other. Simply because, there can be another view of the matter, this cannot be a ground for reopening of assessment – Held that no referable question of law arises from the order of the Income-tax Appellate Tribunal.
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