Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2021 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (12) TMI 318 - HC - Income TaxReopening of assessment u/s 147 - Change of opinion - TP Adjustment royalty paid and lump sum fees for know how paid to Skoda Auto - HELD THAT:- As in this order by the Transfer Pricing Officer passed on 19th December 2006 under Section 92CA (3) of the said Act, the Transfer Pricing Officer has considered the royalty, technical know how amounts paid and passed his order. This order of the Transfer Pricing Officer has been considered by the AO while passing the original assessment order dated 29th December 2006 under Section 143 (3) of the said Act. Therefore, there can be nothing which has not been truly and fully disclosed and we cannot accept the submissions of Mr. Walve that explanation 1 to Section 147 provides that production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer is no defence. Petitioner has not only filed its account books and other evidence but those have been considered by the Transfer Pricing Officer whose order also has been considered by the Assessing Officer while passing the original assessment order. In our view, the reasons recorded for reopening is nothing but a change of opinion which is not permissible in law. We find support for this view in the judgment of this Court in Ananta Landmark Private Limited [2021 (10) TMI 71 - BOMBAY HIGH COURT] In the circumstances, we are satisfied that the notice dated 23rd March 2011 issued under Section 148 of the said Act has been issued after illegally assuming jurisdiction under Section 148 - Decided in favour of assessee.
|