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...
Reopening of assessment u/s 147 was challenged on the ground of mere change of opinion. The assessee had filed return claiming deduction u/s 80IC and furnished all relevant details during original assessment proceedings u/s 143(3). The Assessing Officer, after examining the details, passed the assessment order accepting the return. Subsequently, notice u/s 148 was issued for reopening assessment on the ground that the undertaking availing deduction u/s 80IC was merged with the assessee company, rendering it ineligible for such deduction u/s 80IC(12) read with Section 80IA(12A). The High Court held that since all material facts were disclosed and examined during original assessment, reopening would amount to mere change of opinion, which is impermissible. Accordingly, the reopening notice u/s 148 was quashed.
Reopening of assessment u/s 147 was challenged on the ground of mere change of opinion. The assessee had filed return claiming deduction u/s 80IC and furnished all relevant details during original assessment proceedings u/s 143(3). The Assessing Officer, after examining the details, passed the assessment order accepting the return. Subsequently, notice u/s 148 was issued for reopening assessment on the ground that the undertaking availing deduction u/s 80IC was merged with the assessee company, rendering it ineligible for such deduction u/s 80IC(12) read with Section 80IA(12A). The High Court held that since all material facts were disclosed and examined during original assessment, reopening would amount to mere change of opinion, which is impermissible. Accordingly, the reopening notice u/s 148 was quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
