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2017 (9) TMI 174 - HC - Income TaxReopening of assessment - reason to believe - sum received by the assessee company by way of remuneration as a partner of one Zydus Healthcare, Sikkim - assessee claimed that the said income was exempt in terms of section 28(v) - nature of income - Held that:- Two things immediately become clear. First is that, there was no failure on the part of the assessee to disclose the relevant facts truly and fully. The claim was made in the return with full disclosures in the statement of income and the accounts maintained by the assessee. The fact that the claim was supported by an addendum in the partnership deed was pointedly brought to the notice of the Assessing Officer in reply to the queries raised by him. There was thus, true and full disclosure of all material facts. The second thing is that this very issue with all its elements had come up for consideration before the Assessing Officer during the original assessment for this very assessment year and we also believe the assessee's contention for the earlier assessment years also. The notice for reopening therefore must fail both on the ground of no failure on the part of the assessee to disclose truly and fully all material facts and also on the ground of attempt on part of the Assessing Officer to reexamine the claim which was originally scrutinized and therefore on the principle of change of opinion. - Decided in favour of assessee.
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