2022 (12) TMI 1099 - SCH - Income Tax

SC dismisses special leave petition, condones delay, disposes pending applications.

The SC dismissed the special leave petition without interference with the impugned judgment. Delay was condoned, and pending applications were disposed ... Reopening of assessment u/s 147 - Allowability of expenses incurred on advertisement and marketing by the Petitioner - change of opinion - Reopening beyond period of four years - As decided by HC [2021 (11) TMI 776 - BOMBAY HIGH COURT] Once the Assessing Officer had applied his mind in the regular assessment proceedings of Petitioner having incurred advertisement and marketing expenditure, it is not open for the Assessing Officer to reopen the assessment - when the primary facts necessary for assessment are fully and truly disclosed, the Assessing Officer is not entitled to a change of opinion for commencing proceedings for reassessment. AO could not have reopened the assessment merely on the basis of change of opinion HELD THAT:- We are not inclined to interfere with the impugned judgment and hence, the special leave petition is dismissed. The Supreme Court dismissed the special leave petition without interference with the impugned judgment. Delay was condoned and pending applications were disposed of.