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2020 (11) TMI 400 - AT - Income TaxReopening of assessment u/s 147 - Exemption u/s 11 and 12 - receipts of the trust as allowable under section 11 and 12 - HELD THAT:- Since there is no change in the activities carried on by the assessee and also the assessing officer has accepted the activities carried on by the assessee that it is only improving the quality of the breeds of cow for yielding the milk and assessee is not selling or dealing in milk and revisited the assessment records without any new material to reopen the assessment as well as he reopened the assessment after 4 years without bringing on record any mistake on the part of the assessee to disclose fully and truly, all the information to complete the assessment. AO and Ld CIT(A) has applied certain case laws which are distinguishable on facts to the present case. Revenue has accepted the activities of the assessee are not hit by the amended proviso to section 2 (15) of the Act in the subsequent assessment years and we presume that the then assessing officer in the original assessment passed under section 143 (3) must have verified and formed an opinion on application of amended proviso to section 2(15) - reopening of the assessment was made with the wrong understanding of the facts by assessing officer and reviewing the concluded assessment is bad in law. Reassessment proceedings and reassessment order passed by the assessing officer in the assessee’s case is quashed. Accordingly, the grounds arise by the assessee on the reopening of the assessment is accordingly allowed.
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