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2018 (1) TMI 1114 - HC - Income TaxReopening of assessment - deemed dividend addition u/s 2(22)(e)- Held that:- AO had during the assessment proceedings, leading to the order dated 14th February, 1996 under Section 143(3) of the Act had examined the very issue of deemed dividend in respect of loans taken from M/s. A.T.C. Clearing and Shipping (P) Ltd. On complete inquiry, the Assessing Officer in his assessment order dated 14th February, 1996 after a detailed discussion on the issue, added ₹ 8.17 lakhs as deemed dividend under Section 2(22)(e) of the Act. This on the basis of loans taken from M/s. A.T.C. Clearing and Shipping (P) Ltd. The reasons as recorded now seeks to take a different view (change of opinion) on the same material on which the original assessment order dated 14th February, 1996 was passed after due consideration to hold that income chargeable to tax has escaped assessment. Thus the impugned notice is completely without jurisdiction as it is based purely on a change of opinion - Decided in favour of assessee.
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