Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (10) TMI 1311 - AT - Income TaxValidity of the re-assessment proceedings - reasons to believe - reopening beyond periods of four years - Addition u/s 68 - HELD THAT:- Since the issue for reopening was same and during the course of original assessment proceedings, ld. Assessing Officer has issued notices u/s 133(6) to all the share subscribers, who have duly received the same and replied to the said notice u/s133(6) based on which AO was satisfied with the nature and source of the alleged sum. Thus we find that there was no failure on the part of appellant to disclose fully and truly all material facts necessary for reassessment during the course of original scrutiny proceedings. Therefore, the first proviso to section 147 of the Act which requires for recording the reasons to believe is not satisfied because the reasons for reopening have already been addressed by the assessee in the course of original assessment proceedings and such reopening is only based on the change of opinion. As noticed that during the course of original assessment proceedings, the appellant had disclosed all the preliminary facts, which were necessary for completing the assessment. CIT(Appeals) further held that if at the time of original assessment proceedings, the AO has raised wrong inference from the facts disclosed by the appellant, then, appellant cannot be penalized for the wrong inference of facts and law by AO and the assessment of the appellant cannot be reopened after four years from the end of relevant A.Y. once again under section 147 of the Act. In support of this finding, reliance was placed by ld. CIT(Appeals) on the judgment of M/s. Techspan India Private Limited & Another[2018 (4) TMI 1376 - SUPREME COURT] and M/s. Kelvinator India Limited[2010 (1) TMI 11 - SUPREME COURT] - Decided in favour of assessee.
|