Reopening of assessment u/s 147 - Change of opinion - In fact, ...

Court Rules Reopening Assessment u/s 147 a Change of Opinion; Previous Acceptance of Transaction Affirmed.

March 17, 2022

Case Laws Income Tax HC

Reopening of assessment u/s 147 - Change of opinion - In fact, the petitioner was called upon to explain the very transaction, in respect of which, during the course of scrutiny assessment, the then Assessing Officer had already solicited information and documents. Eventually, during the course of scrutiny assessment, the Assessing Officer having been satisfied with the explanation furnished by the petitioner, did not make any addition. In the course of the proceedings under section 153A also, the revenue did not claim that any incriminating material was found qua the transaction with JMPL. In this view of the matter, the reopening of the assessment on the premise that the creditor lacked the creditworthiness and thus the loan transaction was sham, is nothing but a change of opinion. - HC

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Reopening of assessment u/s 147 - Change of opinion - In fact, ...

Court Rules Reopening Assessment u/s 147 a Change of Opinion; Previous Acceptance of Transaction Affirmed.

March 17, 2022

Case Laws Income Tax HC

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