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DHIRAJ SINGH THAKUR, KAMAL KHATA
Noshir Darabshaw Talati – Appellant
Versus
Assistant Commissioner of Income Tax Central Circle-7(1) – Respondent
JUDGMENT :
KAMAL KHATA, J.
1. The present petition challenges the impugned notice under Section 148 of the Income Tax Act (“the Act”) dated 31st March 2021 on the ground that the respondent no. 1 had reasons to believe that income chargeable to tax for Assessment Year (AY) 2015-16 has escaped assessment within the meaning of section 147 of the Act and the Assessment Order passed under Section 143(3) r.w.s. 147 of the Act dated 31st March 2022 thereby rejecting the set off of the current year’s long-terms capital loss against long term capital gain and consequently the notice of demand u/s 156 of the Act dated 31st March 2022.
2. The reasons for reopening given under notice dated 28th January 2022 are as under:
In this case on verification of case records, it is seen that the assessee had computed long term capital gains of Rs. 2,25,57,987 by s
The reassessment based on a mere change of opinion is not a valid ground for reopening an assessment under Section 147 of the I.T. Act. The reasons for reopening an assessment must have a live link w....
The main legal point established in the judgment is that re-assessment based on a change of opinion is impermissible under the Income Tax Act, and tangible material is required to justify re-opening.
Reopening of assessment under the Income Tax Act requires tangible new material; mere change of opinion is insufficient.
The power to reopen a completed assessment under Section 147 of the Act 1961 has been bestowed on the Assessing Officer, if he has reason to believe that any income chargeable to tax has escaped asse....
Reopening of assessment under the Income Tax Act after four years is impermissible without failure to disclose material facts; mere change of opinion does not justify such action.
Intimation under section 143(1)(a) was deemed to be a notice of demand under section 156, for the apparent purpose of making machinery provisions relating to recovery of tax applicable. By such appli....
Reopening of assessment under the Income Tax Act requires tangible material; mere change of opinion is insufficient for reassessment.
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