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2015 (7) TMI 577 - HC - Income TaxValidity of reopening of assessment - claim of deduction for the same projects under Section 80 IA(4) - Held that:- If the reasons recorded in the present case are attentively read, it is mentioned, "during course of assessment it is remained to be verified, whether the assessee was the owner of the infrastructure facility or not'." In the next also it was stated "on verification of profit and loss account'." It was further stated "during the assessment proceedings it is remained to be verified the expenses incurred '". Thus, what can be figured out from the reasons recorded is that the Assessing Officer wanted to re-open the assessment as according to him certain aspects remained to be verified. It cannot be gainsaid that re-opening of assessment for the purpose of "verifying" or "verification" will be necessarily an action based on a mere change of opinion. The connotation of word "to be verified", "verification" is to reexamine the existing material. Verification is always with reference to the details already considered once. When one wants to verify his decision, it means that one reviews the decision. Re-assessment powers cannot be exercised to merely review the earlier assessment on the special ground that something was omitted from consideration or particular conclusion was imprecisely or wrongly arrived at. Formation of such belief by the Assessing Officer has to satisfy the requisite parameters which are conditions precedent for examine of provision under Section 147. The necessary conditions being satisfied. From the reasons recorded themselves, therefore, it was seen that the Assessing Officer proceeded to exercise the powers since he wanted to verify certain aspects the assessment already complete, Thus Assessing Officer has clearly exceeded his jurisdiction under Section 147 of the Act in issuing the impugned notice. - Decided in favour of assessee.
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