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TMI Blog2022 (5) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... nd petitioner has provided all details sought for. While providing the workings, petitioner also explained that the Goodwill of Rs.26 Crores has been factored while arriving at the share premium. Even in the assessment order, the Assessing Officer has referred to notice issued under section 143(2) as well as 142(1) of the Act and the Assessing Officer has also confirmed having received all information. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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.e., for Rs.240/- and received total share premium of Rs.12,78,25,000 during the year under consideration. According to Assessing Officer, petitioner could have charged premium of only Rs.204 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quity 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 introduced in the books of account because it was self-generated Goodwill before conversion of partnership firm into assessee company and the amount of Goodwill has been reduced from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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 reason to believe that income chargeable to tax has escaped assessment. 12] Since all these details have been disclosed in the documents filed along with return of income incl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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