TaxTMI 
TaxTMI 
2023 (1) TMI 1376
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....circumstance of the case, the Ld. Commissioner of Income Tax (Appeals) ('CIT(A)') erred in confirming the action of the Assessing Officer ('AO') in initiating the reassessment proceedings u/s 147 of the Income Tax Act ("the Act') without appreciating the fact that the same had been done in utter disregard of the express provisions of the Act on fresh application of mind on the same set of facts, more so when there was no failure on the part of the appellant to disclose truly and fully all the facts necessary for completion of the original assessment u/s 143(3) of the Act. 2. That on the facts and in the circumstance of the case, the order u/s 143 r.w.s 147 of the Act dated 10 March 2014 passed by the AO is unjustified....
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....action of AO i.e., reopening of the matter and additions made assessee preferred an appeal before the Ld. CIT (A)-47 Mumbai. Ld. CIT (A) also sustained the action of the AO. Being further aggrieved assessee preferred this appeal before ITAT. 4. We have gone through the order of AO, order of Ld. CIT (A) and submissions of the assessee along with the paper-book. In addition to this we have considered the details filed by the assessee during original assessment proceedings. In compliance to notice u/s 142(1) r.w.s 143(2) vide page no. 36 to 41 of the paper-book dated 20-10-2022. The reopening of the case was being done on the same issues which were submitted, disclosed and the same is considered to be change of opinion. For sake of reference ....
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....pany as under: Expenses Borne by JM Financial Asset Management Pvt. Ltd. Rs. 23,399,400/- Expenses Borne by JM Financial Trustee Company Pvt Ltd. Rs. 2,599,933/- The portion of above expenses borne by the assessee company is termed as Mutual Fund Spill over of Expenses. A copy of Board resolution stating excess expenditure to be borne by the Asset Management Company is attached herewith." 5. After considering the aforesaid submissions made by the assessee, the AO has allowed the expenses claimed by the assessee while framing assessment under section 143(3) of the Act. 5(a). In addition to this we have gone through annexure -A (page no.238) wherein assessee demonstrated that since AY 2003-04 ,2005-06,2008-09,2009- 10, 2011-12 and....
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....of his own wrong. If such is the position, in the absence of any allegation that there was any fresh material to come to a conclusion that income escaped assessment, the Assessing Officer cannot now take a stand that the claim made by the assessee under section 37 of the Act, which was acceded to by the Assessing Officer, was incorrect and the expenditure is not allowable. If this is the observation and reason for reopening, it would be a clear case of change of opinion. What the Assessing Officer purported to do is to review his earlier decision. 8. As held by the Hon'ble Supreme Court, in a plethora of judgements, it is not for the assessee to tell as to how the Assessing Officer has to complete the assessment. The duty of the assess....