Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 262 - AT - Income TaxReassessment u/s 147/148 of the Act quashed - Deletion made u/s 14A of the Act – Proportionate management expenses – Held that:- Without bringing the 154 proceedings to any logical conclusion the assessing officer on the same set of facts and without there being any new information framed another satisfaction that it amounts to escapement of income and issued notice u/s 148 albeit after expiry of 4 years from the end of the assessment year - there is no allegation that there was any failure on the part of the assessee to disclose fully and truly material facts relevant for assessment of his income – the CIT(A) has rightly observed by relying on CIT Vs. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT OF INDIA] - the reopening of assessment to be bad in law on the count that notice u/s 148 was issued after the time limit of 4 years which was not permissible and there was no allegation in the reasons recorded about the assessee having not furnished any true and full particulars of his income - The action u/s 148 was taken on the same set of facts and evidence on record, without any new information or evidence to sustain a new belief it amounts to change of opinion - Decided against Revenue.
|