Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (6) TMI 110 - ANDHRA PRADESH HIGH COURT

2016 (6) TMI 110 - ANDHRA PRADESH HIGH COURT - TMI - Reopening of assessment - addition on capital gain - Held that:- Both by the Commissioner of Income Tax (Appeals) and the Tribunal, the order passed by the assessing officer, under Section 143 (3) of the Act, records the claim of the assessee that the sale of land was liable to tax as capital gains. It is not even the case of the assessing officer that the assessee had failed to disclose all material and necessary facts and, as a result, incom .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

l, jurisdiction under Section 147 of the Act cannot be exercised for a mere change of opinion. We find no error in the order of the Tribunal, much less a substantial question of law, necessitating interference in this appeal. - Decided in favour of assessee. - I.T.T.A.No.372 of 2015 - Dated:- 18-11-2015 - SRI RAMESH RANGANATHAN AND SRI M.SEETHARAMA MURTI, JJ. FOR THE PETITIONER : NARASIMHA SARMA ORDER: (per Hon ble Sri Justice Ramesh Ranganathan) This appeal, under Section 260-A of the Income Ta .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n 28.08.2006 admitting long-term capital gains of ₹ 34,21,819/- on the sale of land. The case was picked up for scrutiny, and assessment under Section 143 (3) of the Act was completed on 14.12.2007 and some expenditure claimed by the assessee was disallowed. The assessment order dated 14.12.2007 disclosed that the assessing officer had considered this issue, of capital gains on the sale of land, in passing the assessment order under Section 143 (3) of the Act on 14.12.2007. Thereafter, on .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

me Tax (Appeals) held that the period of four years, from the end of the assessment year 2005-06, expired on 31.03.2010; and the notice, under Section 148 of the Act, was issued on 04.03.2011 after expiry of the period of four years. On the ground that the assessment could not be reopened beyond the period of four years, stipulated under the proviso to Section 147 of the Act, the order of the assessing officer was set aside and the appeal allowed. Aggrieved thereby, the Revenue carried the matte .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d 1989; while the assessing officer has now been conferred the power to reopen the assessment if he has reason to believe that income has escaped assessment, this does not imply that the assessing officer can reopen an assessment on mere change of opinion; the concept of change of opinion must be treated as an in-built test to check abuse of power; re-assessment proceedings are invalid in case the assessment order itself records that the issue was raised, and decided in favour of the assessee; r .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

7 of the Act relates to income escaping assessment and, thereunder, if the assessing officer has reason to believe that any income, chargeable to tax, has escaped assessment he may, subject to the provisions of Section 148 to 153, assess or re-assess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this Section for the assessment year concerned. Under the proviso thereto, where a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

to disclose fully and truly all material facts necessary for his assessment for that assessment year. In terms of the proviso to Section 147 of the Act, where the assessment is made under Section 143 (3), no action can be taken under Section 147 of the Act after expiry of four years from the end of the assessment year. As the assessment year , in the present case, is 2005-06 the four year period, prescribed under the proviso to Section 147, expired by 31.03.2010. The proviso to Section 147 of t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version