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Commissioner of Income-tax, Rohtak Versus Smt. Binda Devi

2005 (2) TMI 856 - Punjab & Haryana High Court

IT REFERENCE NO. 6 OF 1995 - Dated:- 15-2-2005 - G.S. Singhvi, And Viney Mittal, JJ. For the Appellant : Rajesh Bindal For the Respondent.: Avneesh Jhingan JUDGMENT 1. On an application filed by Commissioner of Income-tax, Rohtak under section 256(1) of the Income-tax Act, 1961 (for short, the Act ), the Income-tax Appellate Tribunal (for short, the Tribunal ) has referred the following question of law for the opinion of this Court :- "Whether, on the facts and in the circumstances of the c .....

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s was done because the Assessing Officer was of the opinion that the investment in the purchase of National Saving Certificates has been made after raising loans and not out of the income chargeable to tax, as was thought earlier. The assessee filed reply stating therein that the original return may be treated as a response to the notice. On 25-5-1987, the Assessing Officer referred the issue regarding valuation value of the building constructed by the assessee to the Departmental Valuation Offi .....

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enue was dismissed. 3. We have heard Shri Rajesh Bindal, learned counsel for the revenue and Shri Avneesh Jhingan, learned counsel for the assessee and perused the record. 4. The question whether mere change of opinion by the Assessing Officer could be made a ground for re-assessment by invoking the provisions of section147 of the Act is no longer res integra and must be treated as settled by the judgments of the Supreme Court in Calcutta Discount Co. Ltd. v. ITO [1961] 41 ITR 191 and Ganga Sara .....

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as also of sections 148 to 152 have been elaborated in Circular No. 549, dated October 31, 1989. A perusal of clause 7.2 of the said Circular makes it clear that the amendments had been carried out only with a view to allay fears that the omission of the expression reason to believe from section 147 would give arbitrary powers to the Assessing Officer to reopen past assessments on a mere change of opinion. It is, therefore, evident that even according to the Central Board of Direct Taxes a mere .....

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