Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 454 - AT - Income TaxReopening of assessment - Disallowance u/s 14A - Change of opinion - Held that:- The entire material is available before the AO when he framed the assessment u/s 143(3) of the Act and being aware of the assessee earning tax free income and incurring some expenditure, the AO accepted the expenditure offered by the assessee under Rule 8D of the Rules In so far as the assessee had disclosed the interest expense in the Profit & Loss account and investment in the balance sheet and also disclosed exempt income in the returns, there is no failure on the part of the assessee to disclose all the material facts necessary for assessment and having accepted the same, the AO does not get jurisdiction to reopen the assessment beyond the period of four years and such a course is not permissible under law. In view of the facts and circumstances adverted to above and the case laws referred to, we are of the considered opinion that reopening of the proceedings in the matter are not in accordance with law and we find it difficult to sustain the same. - Decided in favour of assessee.
|