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of <h1>Supreme Court dismisses Special Leave Petition challenging assessment reopening; High Court decision upheld.</h1> <h3>Assistant Commissioner of Income Tax And Ors. Versus Kalpataru Land Private Limited</h3> The Supreme Court dismissed the Special Leave Petition as the re-opening of the assessment was considered a change of opinion by the Assessing Officer. ... Reopening of assessment u/s 147 - Addition u/s 68 - Unexplained share capital HELD THAT:- Considering the fact that earlier the AO had called upon the petitioner(s) to produce the evidence in support of increase of authorised share-capital, produce the evidence of share allotment and names and addresses of the parties from whom share-premium was received, among other things and thereafter, the AO finalised the assessment and passed Assessment Order, the subsequent re-opening can be said to be change of opinion. Under the circumstances, the re-opening is rightly set aside by the High Court. We see no reason to interfere with the same. Special Leave Petition stands dismissed. The Supreme Court dismissed the Special Leave Petition as the re-opening of the assessment was considered a change of opinion by the Assessing Officer. The High Court's decision to set aside the re-opening was upheld.
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