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2021 (12) TMI 1093 - HC - Income TaxReopening of assessment u/s 147 - net loss of cancellation of forward contract - HELD THAT:- At Schedule 31 in profit and loss account shows a figure of ₹ 1070.42 Lakhs as 'net loss of cancellation of forward contract'. Note 40 which forms part of financial statement also mentions about company entering into derivative contract in the nature of forward contract etc. and the company does not use foreign exchange contract for speculative purpose. All these details were available before the AO who passed the Assessment Order dated 28/03/2015. Between the date of order of assessment sought to be re-opened and the date of formation of opinion by the Assessing Officer, nothing new has happened. It is merely a fresh application of mind by a different AO to the same set of facts. When the primary facts necessary for assessment are fully and truly disclosed, the AO is not entitled on change of opinion to commence proceedings for reassessment. Even if the AO, who passed the assessment order, may have raised too many legal inferences from the facts disclosed, on that account the AO, who has decided to reopen assessment, is not competent to reopen assessment proceedings. Where on consideration of material on record, one view is conclusively taken by the AO it would not be open to reopen the assessment based on the vary same material with a view to take another view. - Decided in favour of assessee.
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