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2022 (4) TMI 1535 - HC - Income TaxReopening of assessment u/s 147 - Reason to believe - genuineness of claim of assessee company about compensation payable not proved - HELD THAT:- It is a clear case of change of opinion. It is settled law that reopening can not be based on change of opinion. Change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment. Admittedly, in this case, there was even survey operation u/s 133-A and in the survey report it was specifically commented to examine in detail genuineness of claim of assessee company about compensation payable - It is also admitted that the Assessing Officer in his order dated 31.12.2010 has accepted submissions of petitioner and allowed expenditure. According to Respondent No.2, the AO who passed the original assessment order should not have accepted the payment as expenditure but should have treated it as ‘capital payment’. It is clear case of change of opinion - quash and set aside notice u/s 148 - Decided in favour of assessee.
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