9911796707
TMI Blog2022 (5) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... 3) of the Act on 23.12.2016 assessing the total income of petitioner at Rs.35,81,93,760, accepting the returned income. 3] Thereafter, petitioner received the impugned notice dated 30.03.2021. Therefore, reopening of assessment is proposed after expiry of 4 years from the end of relevant assessment year. In view thereof, the proviso to section 147 of the Act would apply and there is a bar in reopening unless respondents discharge the onus of showing that there has been failure on the part of petitioner to fully and truly disclose material facts during assessment. 4] In the reasons recorded for reopening, there are two issues raised. The first one is that petitioner had issued 625000 shares of Rs.10 each at a premium of Rs.230 per share, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tails were called for and by a letter dated 08.12.20216 petitioner once again explained about the premium charged as well as the Goodwill. Petitioner provided working of fair value of equity shares as per Rule 11UA of Income Tax Rules, which also shows a figure of a sum of Rs.26 crores towards Goodwill. After considering these details, the assessment order dated 23.12.2016 came to be passed. 8] Ms Omle very strongly opposed the petition. Ms Omle submitted that the Assessing Officer has calculated reasons as to how much premium petitioner could have been charged and has correctly arrived at a figure of Rs.25.48 as excess charged which is required to be added to petitioner's income. Ms Omle also submitted that if Goodwill could not have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment. It is not necessary that an assessment order should contain reference and/or discussion to disclose its satisfaction in respect of the query raised. 11] Having considered the reasons and documents annexed to the petition and as no reply has been filed, there can be no doubt in the present facts that very issue of share premium and Goodwill was a subject matter of consideration by the Assessing Officer during the original assessment proceedings. In our view, the reopening of assessment by impugned notice dated 30.03.2021 is merely on the basis of change of opinion of the Assessing Officer from that held earlier during the course of assessment proceedings and this change of opinion does not constitute justification and/or reaso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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