TMI Blog2016 (6) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and re-determination. As has been rightly held by the Tribunal such an exercise could not have been undertaken beyond the period of four years in view of the limitation prescribed under the proviso to Section 147 of the Act. The exercise undertaken by the Assessing Officer not only amounted to a change of opinion, but also a review of the earlier assessment order passed under Section 143(3) of the Act. - Decided in favour of assessee - I.T.T.A.No.393 of 2015 - - - Dated:- 18-11-2015 - SRI RAMESH RANGANATHAN AND SRI M. SEETHARAMA MURTI, JJ. FOR THE PETITIONER : NARASIMHA SARMA JUDGMENT (Per the Hon ble Sri Justice Ramesh Ranganathan) This appeal, under Section 260A of the Income Tax Act, 1961 ( the Act , for brevity), is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,13,83,250/- from the sale of property against brought forward business loss which, according to the Assessing Officer, should have been assessed as short term capital gain. The Assessing Officer reopened the assessment under Section 147 of the Act, and issued a notice under Section 148 of the Act on 26.03.2012. In reply, the assessee submitted a letter dated 20.11.2012 requesting that the return filed on 30.10.2005 be treated as a reply to the notice issued under Section 148 of the Act. During assessment proceedings, the assessee objected to the initiation of proceedings under Section 147 of the Act after expiry of a period of four years from the end of the assessment year. The objections were rejected, and the Assessing Officer complete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng a belief that the income had escaped assessment, were already mentioned in the assessment order; it was evident that, on re-examination of the computation of income and other statements filed by the asseesee along with the return, the Assessing Officer had formed an opinion that set off of short term capital gain, derived from the sale of shares, against long term capital loss was not permissible; and the gain, derived from the sale of house property, had to be assessed as short term capital gain and could not be set off against brought forward business loss as the assessee was engaged in the business of dealing with securities. The Tribunal held that neither in the reasons recorded, nor anywhere in the assessment order, was there any al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gaged in the business of dealing with securities. Exercise of jurisdiction under Section 147 of the Act, in the present case, is not for the failure of the assessee to disclose fully and truly all material facts necessary for his assessment, but because the Assessing Officer was of the opinion that the set off claimed by the assessee earlier, and which was accepted by him while passing an assessment order earlier under Section 143(3) of the Act, necessitated re-computation and re-determination. As has been rightly held by the Tribunal such an exercise could not have been undertaken beyond the period of four years in view of the limitation prescribed under the proviso to Section 147 of the Act. The exercise undertaken by the Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X
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