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2023 (12) TMI 589 - SCH - Income TaxReopening of assessment u/s 147 - capital reduction and financial statements highlighting the capital reduction in the balance sheet - capital gain transactions filed under Schedule C.G. - Capital Gains - purchase and sale of shares and the conversion of amounts in foreign currency - petitioner categorically mentioned that it had not carried on any business activity since the liquidation/bankruptcy application and also mentioned about the capital reduction - petitioner had incorrectly characterized the transaction and consequently contended that it was not covered under Section 112(1)(c)(iii) and claimed the benefit of computation under Section 48 - as decided by HC 2023 (3) TMI 485 - BOMBAY HIGH COURT as at the time of filing the return of income for the A.Y. 2015-16, the petitioner was not covered by Section 112(1)(c)(iii) as it had transferred the shares of the private limited company, thus assessment is being sought to be reopened in contravention of the law as it stood during the previous year 2014-15 and A.Y. 2015-16 in which the petitioner filed its tax return - a retrospective amendment cannot be the basis for reopening of assessment. In any case, it may be noted that for the A.Y. 2015-16, the four years period has expired on 31st March 2020, and absence any failure to disclose facts by the assessee or any tangible new material, the reopening of assessment proceedings by the respondent is bad in law. The reopening of the assessment based on a different method of computation or application of the section is nothing else but a change of opinion, which is impermissible in law and allowed assessee appeal - HELD THAT - SLP dismissed.
Title: Supreme Court Judgment - 2023 (12) TMI 589 - SC Order
Judges: Hon'ble Mrs. Justice B.V. Nagarathna and Hon'ble Mr. Justice Ujjal Bhuyan Representation: Mr. N Venkatraman, A.S.G.; Mr. Raj Bahadur Yadav, AOR; Mr. H R Rao, Adv.; Mr. Prashant Singh Ii, Adv.; Mr. B Sunita Rao, Adv.; Mr. A k Kaul, Adv.; Mr. Udai Khanna, Adv.; Ms. Neelakshi Bhaduria, Adv. Decision: Delay condoned. Special Leave Petitions dismissed. Pending application(s) disposed of.
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