Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2022 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 806 - HC - Income TaxReopening of assessment u/s 147 - Eligibility of reasons to believe - change of opinion - HELD THAT:- The two fundamental errors can be noticed. Firstly, by notice dated 29 March 2004 the assessment in respect of year 1997-98 was sought to be reopened, however, there is not even an assertion that there is failure on the part of the Petitioner to disclose fully and truly all material facts which is a mandatory requirement for the Respondent to assume jurisdiction. Secondly, the Respondent No.1 seems to proceed on the ground that the Petitioner has applied wrong method in respect of depreciation. This is a clear change of opinion. There is absolutely no failure on the part of the Petitioner to disclose the facts. Therefore, in the light of settled law governing exercise of powers under Sections 147 and 148 of the Act, the Petitioner is entitled to succeed.
|