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2023 (7) TMI 1274 - AT - Income TaxReopening of assessment u/s 147 - change of opinion - receipt of capital grant/subsidy - HELD THAT:- As reasons recorded by the AO for reopening of assessment, used the phrase “It was seen that the assessee had shown capital grant/subsidy”. Thus it is proved beyond doubt, the AO from the very same materials available on record proceeded to make reassessment without any new tangible material, which is not permissible in law and the same amount to “mere change of opinion” from the original assessment order passed which amounts to Review his own order, such a power is not available to the A.O. There is no failure on the part of the assessee in full and true disclosure of materials relevant for the assessment. As relying on ATUL LTD. [2020 (10) TMI 43 - SC ORDER] we have no hesitation in holding that in the absence of any tangible material, reopening of assessment amounts to “change of opinion” only. Therefore the reopening of assessment is not valid in law - Decided in favour of assessee.
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