Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
The case pertains to the reopening of assessment u/s 147 of the Income Tax Act. The key points are: The department had already raised queries regarding the accumulation and utilization of funds for different purposes during the original assessment proceedings in 2011. The assessee had provided explanations, which were accepted by the Assessing Officer (AO) at that time. The notice for reopening assessment in 2016 was based on the same issue, which amounts to a mere change of opinion by the AO, not permissible for reopening under the 6-year limitation period. The court relied on precedents like Kelvinator of India and Marico Limited to conclude that once an issue is raised and responded to during assessment, the AO is deemed to have accepted the assessee's explanation if not dealt with in the order. Therefore, the reopening notice was held invalid, being a case of change of opinion, and the assessee's appeal was allowed.
The case pertains to the reopening of assessment u/s 147 of the Income Tax Act. The key points are: The department had already raised queries regarding the accumulation and utilization of funds for different purposes during the original assessment proceedings in 2011. The assessee had provided explanations, which were accepted by the Assessing Officer (AO) at that time. The notice for reopening assessment in 2016 was based on the same issue, which amounts to a mere change of opinion by the AO, not permissible for reopening under the 6-year limitation period. The court relied on precedents like Kelvinator of India and Marico Limited to conclude that once an issue is raised and responded to during assessment, the AO is deemed to have accepted the assessee's explanation if not dealt with in the order. Therefore, the reopening notice was held invalid, being a case of change of opinion, and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
