From: editor@itatonline.org <itatonline.org@gmail.com>
Date: Tue, Aug 28, 2012 at 9:37 AM
Subject: Message from EGroup of SolapurCAs S. 147 Reopening On "Change Of Opinion" Is Not Permissible: Supreme Court
To: editor@itatonline.org
The following important judgement is available for download at itatonline.org.
ACIT vs. ICICI Securities Primary Dealership Ltd (Supreme Court)
S. 147 Reopening on "change of opinion" is not permissible
For AY 1999-2000, the assessee claimed a deduction for Rs. 19.86 crores which was allowed by the AO in s. 143(3) assessment. Subsequently, after the expiry of 4 years, the AO reopened the assessment u/s 147 on the ground that the said loss was a "speculative loss" and could not be allowed as a deduction. The assessee filed a Writ Petition to challenge the reopening which was allowed by the High Court (file included) on the ground that though the AO was justified in his analysis that there was escapement of income, there was "nothing new" which had come to the notice of the revenue and that reopening was based on a "mere relook" which was not permissible. On appeal by the department to the Supreme Court, HELD dismissing the appeal:
Regards,
Editor,
---------------------
Latest:General Motors India Pvt. Ltd vs. DCIT (Gujarat High Court)
Unabsorbed depreciation of AYs 1997-98 to 2001-02 is eligible for relief granted by amended s. 32(2) in AY 2002-03
No comments:
Post a Comment