Section 147 "Change Of Opinion" Law Of Kelvinator Full Bench Is NOT Approved By Supreme Court: Gujarat High Court

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From: editor@itatonline.org <itatonline.org@gmail.com>
Date: Fri, Aug 24, 2012 at 2:22 PM

 

Dear Subscriber,

 

The following important judgement is available for download at itatonline.org.

Gujarat Power Corporation Ltd vs. ACIT (Gujarat High Court)

S. 147: If claim not considered by AO, there is no "change of opinion"

 

For AY 2002-03, the AO issued a notice u/s 148 to reopen the assessment (within 4 years) on the ground that the assessee had been wrongly allowed exemption u/s 10(23G) on certain bonds that had been acquired out of surplus funds and not by way of loans & advances. The assessee filed a Writ Petition to challenge the reopening on the ground that the issue had been considered at the stage of the original assessment and that the reopening was based on a "change of opinion". HELD by the High Court after a comprehensive review of the law on the subject:

(Click Here To Read More)

Regards,

Editor,

itatonline.org

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