2013 (12) TMI 661

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....an appeal filed by the assessee against the order of the ld. C.I.T. (A)-VI, Kolkata dated 02.04.2012. 2. Even though the assessee has taken four effective grounds of appeal ground no.1 is on merit while ground nos.2 ,3 and 4 relate to the jurisdiction of the Assessing Officer for making assessment u/s 147 r.w.s.143(3) of the IT Act. Since ground nos. 2 and 3 relate to the validity of the assess....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e nature of capital appreciation and hence not offered for taxation. Such explanation of the assessee was accepted. Assessee's explanation was prima facie unacceptable due to the following reasons : i) Exchange rate fluctuation gain is a tangible gain and hence in the nature of income chargeable to tax. ii) That it was not notional in nature was evident from the fact the assessee had appa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... believe that income has escaped assessment. Issue notice u/s 148 to the assessee. Sd/- (Abhijit Kundu) ADIT-(IT)-II, Kol" 4. The assessment has been reopened on account of receipt of Rs.10,05,496/- on account of foreign exchange fluctuation. This issue regarding the receipt of Rs.10,05,496/- as apparent from the reasons recorded by the AO was considered in the assessment order u/s 143....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n the case of CIT vs Kelvinator of India Limited 320 ITR 561 which held as under :- "The concept of "change of opinion" on the part of the Assessing Officer to reopen an assessment does not stand obliterated after the substitution of section 147 of the Income-tax Act, 1961, by the Direct Tax Laws (Amendment) Acts, 1987 and 1989, After the amendment, the Assessing Officer has to have reason to b....