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2023 (11) TMI 37 - GUJARAT HIGH COURTReopening of assessment u/s 147 - no specific details regarding the availability of MAT credit was submitted - HELD THAT:- MAT credit as per return of income was Rs. 5,37,51,517/- whereas as per assessment order u/s 143(3) r.w.s 144C that the fact that MAT credit of Rs. 5,37,517 was granted. Therefore, all details were furnished and were verified. Copy of the audited accounts showing tax credit under Section 115JB gave details of the claim. What also was pointed out was that there was error in calculating and the reasons were factually incorrect. Evidently, the assessment year in question was assessment year 2012-13. Regular assessment u/s 143(3) was finalised on 23.03.2016. Four years had gone by from the end of the relevant period as the notice is dated 25.03.2019. There was therefore no failure on the part of the petitioner to disclose fully and truly all material facts necessary for the its assessment. Even from the record, it is evident that it is aptly demonstrated that as per statement of income MAT credit details were filed. No details or further inquiry was made on the claim. Having accepted the claim in absence of any other reason reassessment on the very issue was a change of opinion. There is therefore live link between the reasons recorded and formation of belief. Appeal of assessee allowed.
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