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2022 (10) TMI 726 - AT - Income TaxReopening of assessment u/s 147 - disallowing the claim of exemption u/s 54F - notice issued beyond periods of four years - Change of opinion - HELD THAT:- AO has held that the capital gains on sale of the property is exempt from tax. Subsequently, on the same facts and materials available on record, the Assessing Officer came to conclusion that there is an escapement of income, that is capital gains on sale of property is not exempt. On perusal of the orders of authorities below, we find that no new material or any fresh information was brought on record. We also find that the subsequent reopening on the same set of facts with no failure on the part of the assessee to disclose material facts would tantamount to mere "change of opinion". As relying on case of CIT v. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT]. We hold that the action of the Assessing Officer in reopening the assessment under section 147 of the Act is bad in law. As the impugned notice issued after four years of the end of the relevant assessment year is not sustainable in law and is liable to be quashed, when there was not even a whisper in the reasons that there was any omission or failure on the part of the assessee in disclosing fully and truly the material facts for assessment. See Lakhmani Mewal Das [1976 (3) TMI 1 - SUPREME COURT] In this case, the assessment was reopened beyond four years from the end of the relevant assessment year under consideration; the proviso to section 147 of the Act applies. Once the proviso to section 147 of the Act applies, it is the duty of the Assessing Officer to prove that the assessee has failed to furnish fully and truly all material facts to complete the assessment. In this case the Assessing Officer was not able to establish that there is failure on the part of the assessee to disclose fully and truly all materials. Therefore, in our opinion, the reopening is invalid beyond four years from the end of the relevant assessment year. - Decided in favour of assessee.
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