9911796707
TMI Blog2024 (11) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... sment by the AO and the entire details have been placed on record by the assessee during the course of the regular assessment. Merely because the impugned notice is issued within a period of four years of the date of assessment order, it cannot be said that the respondent can assume jurisdiction on the same facts having different opinion and therefore, in facts of the case, it is apparent that there is a mere change of opinion on part of the respondent AO to reopen the assessment which is not tenable in law as held in case of Commissioner of Income tax v. Kelvinator of India Ltd. [ 2010 (1) TMI 11 - SUPREME COURT ] wherein held AO has no power to review; he has the power to re-assess. But re-assessment has to be based on fulfillment of cert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Year 2016-2017. 6. Brief facts of the case are that the petitioner is an individual and regularly assessed at PAN:AEZPP9756P under the Act. 7. For the Assessment Year 2016-2017, the petitioner filed the original return of income on 29.03.2017 declaring total income of Rs. 34,32,466/-. 8. Thereafter, the case of petitioner was selected for scrutiny assessment, and accordingly, notice under section 143 (2) dated 26.09.2017 was issued to the petitioner for limited scrutiny. 9. Thereafter, notice under section 142 (1) of the Act dated 13.06.2018 was issued on the petitioner, asking for certain details, which include the details of nature of business, computation of total income and financial statements for Asst. Years 2015-2016 and 2016-2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chartered Accountant furnished copies of 7/12 and 8A extracts of agriculture land situated at Block No. 370, Moje Vesu, Surat vide letter submitted on 24.10.2018. Subsequently, in response to notice dated 18.10.2018, the petitioner through his Chartered Accountant by a letter submitted on 21.11.2018 furnished explanation/ details in respect of transaction of sale of land and claim of deduction under section 54B. Thereafter, certain further details have been submitted by the petitioner through his Chartered Accountant by a letter submitted on 24.11.2018, which include the details with regard to purchase of agriculture land. Ultimately, the Assessing Officer, after carrying out thorough examination of transactions of sale of land and deducti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvited the attention of the Court to various notices issued under section 142 (1) of the Act by the Assessing Officer requesting the petitioner to furnish the information with regard to value of consideration for computation of capital gain as well as the details of deduction claimed under section 54B of the Act from time to time. 16. He submitted that five notices were issued from time to time by the respondent Assessing Officer and the reply was filed by the petitioner in detail giving computation of capital gain along with the particulars of sale transactions entered by the assessee for agricultural land, copy of balance sheet as at 31.03.2016, copies of purchase and sale of the land and the letter received by the petitioner from Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It was submitted that on perusal of the income offered by the petitioner for the past three years, it was evident that there was no agricultural income of the petitioner and therefore, the status of the petitioner as an agriculturist is also wrongly considered by the Assessing Officer during the course of regular assessment. 21. Learned advocate Mr. Sanghani in support of his submission relied upon the decision of Hon ble Apex Court in case of G. Venkataswami Naidu and Co. v. CIT reported in (1959) 35 ITR 394 (SC) wherein it is held that a single transaction can be termed as adventure in the nature of trade and it was therefore, submitted that as per section 2 (13) of the Act, when the assessee has purchased a piece of land and shortly afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aving different opinion and therefore, in facts of the case, it is apparent that there is a mere change of opinion on part of the respondent Assessing Officer to reopen the assessment which is not tenable in law as held by the Apex Court in case of Commissioner of Income tax v. Kelvinator of India Ltd. reported in (2010) 320 ITR 561 (SC) as under: 2. A short question which arises for determination in this batch of civil appeals is, whether the concept of change of opinion stands obliterated with effect from 1st April, 1989, i.e., after substitution of Section 147 of the Income Tax Act, 1961 by Direct Tax Laws (Amendment) Act, 1987? xxxx 6. prior to Direct Tax Laws (Amendment) Act, 1987, re-opening could be done under above two conditions an ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
