Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (4) TMI 287 - AT - Income TaxReopening of assessment u/s 147 - Whether AO has reopened the assessment merely on the basis of change of opinion? - HELD THAT:- AO has passed the original assessment order after taking into consideration the details/explanations furnished by the assessee in response to the queries raised by him from time to time. Moreover, the AO has not pointed out any new fact or tangible material on the basis of which he formed a belief that income of the assessee has escaped. Hence, we find substance in the contention of the Ld. counsel that the AO has changed his opinion on the basis of facts and details made available by the assessee during the course of original assessment proceedings. On the basis of the material on record it can be concluded that in the present case, the AO has formed his belief on the basis of material already available on record which amounts to change of opinion. As per the ratio laid down by the Hon’ble Bombay High Court in the case of CIT vs. Jet Speed Audio P. Ltd. [2015 (2) TMI 766 - BOMBAY HIGH COURT]reopening on the basis of change of opinion is not permissible under the law. Hence, allow this ground of the appeal of the assessee and quash the order passed by the AO holding that the AO has initiated the proceedings u/s 147 r.w.s. 148 on the basis of change of opinion. - Decided in favour of assessee.
|