2016 (12) TMI 354

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.....Puneet Rai, Jr.Standing Counsel for the appellants/revenue Mr. Mayank Nagi, Advocate for the respondents ORDER C.M.36846/2016 (for delay) in ITA 689/2016 C.M.36848/2016 (for delay) in ITA 690/2016 For the reasons mentioned in the applications, the delay in filing the appeals is condoned. Applications stand disposed of. C.M.36849/2016 in ITA 690/2016 Exemption is allowed su....

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....t of this court. The ITAT relies on Commissioner of Income Tax vs. Kelvinator of India Limited (2010) 320 ITR 561 (SC). 3. It is urged by the revenue that the impugned judgment is incorrect and has to be set aside. Learned counsel submitted that the judgment in Kelvinator of India Limited's case (supra) is an authority on the question that the change of opinion is impermissible but does not dec....

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.... assessment alone is "the sound foundation for exercising the power under Section 147 read with Section 148". In these circumstances, the arguments of the revenue that the previous contrary ruling in ALA Firm's case (supra) continues to govern the field cannot be countenanced. 5. The judgment in ALA Firm's case (supra) concerned an assessment for the year 1961-62. Section 147 was amended in 198....