2020 (1) TMI 730

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..... Mr. Atul K. Jasani for respondent.   P.C.:- Heard learned counsel for the parties. 2. The Appellant has challenged the order dated 11/8/2016 passed by the Income Tax Appellate Tribunal ('the Tribunal' for short) in Income Tax Appeal No.179/Mum/2016 (Assessment Year 2006-07). 3. The present Appeal relates to Assessment Year 2006-07. 4. The Appellant - Revenue has framed follow....

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....e applicability of decision in the case of Ess Ess Kay Engineering Co. P. Ltd. vs. CIT [247 ITR 818 (SC) ?" 5. The Appeal arises from the proceeding taken out in respect of the notice for re-assessment issued on 22 March 2013 under Section 148 of the Income Tax Act, 1961. The note was admittedly issued beyond the period of four years. As per the Section 147, since the note was issued beyond per....

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....al facts. Thus, reassessment is being sought by the AO on mere change of opinion and apparently on the basis of Audit Memo, which is not permissible. No new tangible material has come to the knowledge of the AO so as to justify the reopening. The following observation of the Hon'ble Apex Court in the case of CIT vs.Kelvinator of India Ltd. 320 ITR 561 would be relevant here :- "Assessing ....

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....n the principle that where there is no failure on the part of the assessee to disclose material facts, the reassessment proceedings after the expiry of four years is not possible in view of the provisions of Sec.147 of the Act. In the circumstances of the case and after appreciating the statutory provisions and judicial pronouncements, we conclude that reassessment proceedings are bad in law and t....