9911796707
TMI Blog2023 (7) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... bmissions and documents and accepted the Loss to be carried forward. Also with regard to section 72A(2) of the Act, he held that the losses on the amalgamated assessee company are carried forward and on amalgamation get fresh life for further 8 years from the date of amalgamation. Thus it is not a case of inadvertence or oversight or a lacuna but clearly a change of opinion. No new tangible material available on record to conclude that income had escaped assessment. In our view it is clearly an exercise to review the original assessment order based on a change of opinion which is impermissible as held in CIT v Kelvinator of India Ltd.[ 2010 (1) TMI 11 - SUPREME COURT ] - Decided in favour of assessee. - WRIT PETITION NO. 1410 OF 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 5,63,29,331) which was accepted during scrutiny assessment. It is seen from the case records of AY-2011-12 that, the total carry forward , claimed by the assessee during AY 2011-12 was of ₹5,63,29,331 (to the extent of income)88,20,53,360, which was claimed after set off of brought forward losses of ₹5,63,29,331 (to the extent of income)95,39,09,867 (incorrectly claimed as 95,39,99,867). This loss included business loss of ₹5,63,29,331 (to the extent of income)93,40,99,039 i.e. total of (₹5,63,29,331 (to the extent of income) 55,82,30,163 for AY 2003-04 and ₹5,63,29,331 (to the extent of income)37,58,68,876 for AY 2004-05) pertaining to the amalgamated unit M/s. The Hindoostan Spinning and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act.... 4. Upon examination of the recorded reasons, we find nothing to indicate failure to disclose any material fact. Upon examining the order u/s 143(3) r.w.s 263 of the Act, we find that the AO has considered all submissions and documents and accepted the Loss of ₹5,63,29,331 (to the extent of income)88,07,62,670/- to be carried forward. Furthermore, with regard to section 72A(2) of the Act, he held that the losses on the amalgamated assessee company are carried forward and on amalgamation get fresh life for further 8 years from the date of amalgamation. The impugned order dated 14th February 2022 rejecting the objections place reliance on the judgement of the Supreme Court in the case of Kalyanji Mavji Co v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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