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2023 (6) TMI 1066 - AT - Income TaxReopening of assessment u/s 147 - Unexplained cash credit u/s 68 - assessment proceedings were initiated beyond 4 years - concept of “change of opinion” - whether assessee was not able to establish the genuineness of transactions and creditworthiness of creditors? - HELD THAT:- As during the scrutiny proceedings u/s 143(3) Assessee had already disclosed all the details and facts regarding the share application money on the specific query and considering the fact that the assessment proceedings were initiated on satisfaction borrowed from report of Investigation Wing, in the absence of any whisper or allegation on the Assessee regarding non disclosure of fully and truly all material facts in the reasons, in our considered opinion the proceedings initiated u/s 148 of the Act cannot be sustained. It is well settled law that the AO cannot invoke the provisions of Section 147 & 148 of the Act merely on the change of opinion wherein the original assessment u/s 143(3) of the Act was completed after due consideration of the facts. Thus reassessment proceedings initiated by the A.O. u/s 147/148 on mere change of opinion and reviewing the completed assessment is contrary to the settled position of law - Decided in favour of assessee.
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