Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Page of 4803
Press 'Enter' after typing page number.
1061 to 1080 of 96046 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The High Court held that the Assessing Officer cannot reopen the assessment u/s 147 merely based on a change of opinion. The assessee had fully and truly disclosed all material facts during the original assessment proceedings. The reasons recorded by the Assessing Officer for reopening the assessment did not reveal any fresh tangible material, indicating that the belief was formed based on a mere verification of records, resulting in a change of opinion. The Court emphasized the conceptual difference between the power to review and the power to reassess, stating that while the Assessing Officer lacks the power to review, reassessment must be based on fulfilling certain preconditions. Removing the concept of "change of opinion" would allow the Assessing Officer to review assessments under the guise of reopening, leading to potential abuse of power. The Court ruled in favor of the assessee, upholding the principle that a mere change of opinion cannot justify reassessment proceedings.
The High Court held that the Assessing Officer cannot reopen the assessment u/s 147 merely based on a change of opinion. The assessee had fully and truly disclosed all material facts during the original assessment proceedings. The reasons recorded by the Assessing Officer for reopening the assessment did not reveal any fresh tangible material, indicating that the belief was formed based on a mere verification of records, resulting in a change of opinion. The Court emphasized the conceptual difference between the power to review and the power to reassess, stating that while the Assessing Officer lacks the power to review, reassessment must be based on fulfilling certain preconditions. Removing the concept of "change of opinion" would allow the Assessing Officer to review assessments under the guise of reopening, leading to potential abuse of power. The Court ruled in favor of the assessee, upholding the principle that a mere change of opinion cannot justify reassessment proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
