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2018 (10) TMI 1042 - HC - Income TaxReopening of assessment - Applicability of section 145A - valuation of closing stock - as per AO unutilized CENVAT credit should have been included in the closing stock which would alter the assessee's profit for the year under consideration - Notice beyond the period of four years - Held that:- The documents on record would however show that the entire issue of assessee's treatment of such unutilized CENVAT credit while computing the valuation for the closing stock had come up for minute scrutiny during the original assessment proceedings. AO was conscious of the methodology adopted by the assessee. He had raised multiple queries which we have reproduced. The assessee had replied to such queries. The replies of the assessee have already been reproduced. It was only after such scrutiny that AO had passed the order of assessment, in which, after recording detailed reasons, he made limited disallowance in relation to the unutilized CENVAT credit. We are informed that even this disallowance is a subject matter at the ends of the assessee. With this aspect we are however not directly concerned. Not open for AO to reexamine the entire issue which would be merely on the change of opinion. It is wellsettled as held by the Supreme Court in case of CIT Vs. Kelvinator of India Limited [2010 (1) TMI 11 - SUPREME COURT OF INDIA]. Even post 01.04.1989, amendments in section 147, the concept of change of opinion prevented the Assessing Officer to reopen the assessment still holds good. This quite apart, the impugned notice has been issued beyond a period of four years from the end of relevant assessment year. Clearly, there was no failure on the part of the assessee to disclose truly and fully all material facts necessary for assessments. AO referred to the material which was already on record during the course of assessment - Decided in favour of assessee.
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