Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 337 - HC - Income TaxChallenging the initiation of proceeding u/s 147/148 - Held that:- The reasons for reopening the assessment communicated do not indicate the satisfaction of the first proviso to Section 147 namely failure on the part of the petitioner to fully and truly disclose all material facts necessary for the assessment which took place on 18th December,2006 in respect of the Assessment Year 2004-05. Therefore, the notice was completely without jurisdiction- the ground for reopening of the assessment is only that earlier assessment allowing depreciation on goodwill and set off of unabsorbed depreciation was erroneous, this would amount to a mere change of opinion and would not give jurisdiction to reopen the concluded assessment - Hence the jurisdictional requirement to reopen the assessment after more than four years from the end of the relevant assessment 2004-05 is not satisfied - in favour of assessee.
|