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TMI Blog2012 (8) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... sent proceedings emanating from the notice dated 28/12/2004 under Section 147/148 is bad in law as the same is based on mere change of opinion - in favour of assessee. - Income Tax Appeal No. 4081 OF 2010 - - - Dated:- 8-8-2012 - S J Vazifdar And M S Sanklecha, JJ. For Appellant : Mr. Vimal Gupta, Adv For Respondent : Mr. J D Mistri Sr. Counel along with Mr. P C Tripathi JUDGEMENT Per : M S Sanklecha, J : This appeal under Section 260A of the Income Tax Act, 1961 ( the Act ) is filed by the revenue against the order dated 22/9/2009 of the Income Tax Appellate Tribunal ( the Tribunal ) relating to assessment year 2000-01 arising out of ITA No.6970/Mum./2006. 2) Being aggrieved the appellant revenue has formulated the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve account and further in view of the Apex Court decision in the matter of Apollo Tyres Ltd. v. CIT reported in 255 ITR 273 , the Assessing Officer for the purpose of computing book profit under Section 115JB cannot go behind the the net profit shown in the profit or loss account as a starting point for computing book profit. The Assessing officer accepted the submission of the respondent assessee and completed the assessment under Section 143(3) Act and recorded a note not to the assessee which reads as under : The assessee has credited an amount of Rs.29.52 crores being the difference between the cost and sale proceeds of shares in Capital Reserve in the balance sheet. During the course of the assessment proceedings, the assessee w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income Tax (Appeals) on consideration of all the facts set aside the order of the Assessing Officer dated 10/2/2006 by holding that in view of the decision of the Supreme Court in the matter of Apollo Tyres Ltd. (supra) the Assessing officer could have no reason to believe that the income had escaped assessment. Further, he held that the profits as shown in the final profit and loss account which was approved by the company in its general meeting and filed before the Registrar of Companies as certified by the Auditors under the Companies Act has to be accepted for computing book profit under Section 115 JA of the Act. 4) Being aggrieved, the appellant-revenue preferred an appeal before the Tribunal. The Tribunal by its order dated 22/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conclusion that there has been escapement of income. In the present notice, it is an admitted position that facts had been disclosed and the Assessing Officer passed his order of assessment on 28/3/2003 for the assessment year 2000-01. Further, the issue on which the assessment is being sought to be reopened was considered by the Assessing Officer and accepted by his order dated 28/3/2003. The present proceedings emanating from the notice dated 28/12/2004 under Section 147/148 of the Act is bad in law as the same is based on mere change of opinion. Further, there could be no reason to believe that income has escaped assessment as the view taken by the Assessing officer in his order dated 28/3/2003 is in accordance with the decision of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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