9911796707
TMI Blog2021 (12) TMI 998X X X X Extracts X X X X X X X X Extracts X X X X ..... ary 2016. Therefore, it is not permissible for an Assessing Officer to reopen the assessment based on the very same material with a view to take another view without consideration of material on record one view is conclusively taken by the Assessing Officer. It is also not permissible to reopen purely on change of opinion. A general statement that the escapement of income is by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment is not enough. The Assessing Officer should indicate what was the material fact that was not truly and fully disclosed to him. - WRIT PETITION NO.3231 OF 2019 - - - Dated:- 20-12-2021 - K.R. SHRIRAM AMIT B. BORKAR, JJ. Ms. Vasanti B. Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13 relevant to AY 2013-14. During the said period, the assessee company had no significant transaction except having capitalized its interest expenses to the cost of the land purchased. The valuation of shares at a high premium of ₹ 990/- per share by the company was based on the Discounted Cash Flow (DCF) method in which projections of profitability was computed on unrealistic future growth projections which is not correct. The company had received consideration which exceeded the Fair Market Value (FMV) of the shares and therefore liable to be taxed as the difference between the aggregate value of the shares and FMV u/s 56(2) (viib) of the Act. 3. ... 4. ... 3. First of all we find the entire view expressed is to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y not be fatal to the assumption of jurisdiction under Sections 147 and 148 of the said Act. The Court held However, if from the reasons, no case of failure to disclose is made out, then certainly the assumption of jurisdiction under Sections 147 and 148 of the Act would be ultra vires, being in excess of the jurisdictional restraints imposed by the first proviso to Section 147 of the Act . 5. Moreover, by a letter dated 5th October 2015 the Assessing Officer had called upon petitioner to produce the evidence in support of increase of authorised share capital, produce the evidence of share allotment and name and address of the parties from whom share premium was received, among other things. Petitioner by its letter dated 23rd December ..... X X X X Extracts X X X X X X X X Extracts X X X X
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