Tag Archives: Section 147

Retro-amendment in Sec. 80-IB won’t enable AO to reopen assessment

HIGH COURT OF GUJARAT Ganesh Housing Corporation Ltd. v. Deputy Commissioner of Income-tax, Circle-4 & 1 AKIL KURESHI AND A.J. SHASTRI, JJ. SPECIAL CIVIL APPLICATION NO. 13589 OF 2011 SEPTEMBER  12, 2016 R.K. Patel, Advocate for the Petitioner. Mrs. Mauna M. Bhatt, Advocate for the Respondent. JUDGMENT Akil Kureshi, J. – Petitioner has challenged a… Read More »

Reopening of the assessment should indicate which material fact was not disclosed by the Assessee

Issue The assessee company has earned a dividend of Rs. 1,85,30,220/- which has been treated as exempt u/s 10(34) of the Act. However, no disallowance of expenditure have been made u/s 14A neither has assessee produced any details to show that no expenditure was incurred on earning of this exempt income. Held It was insisted… Read More »

Reopening of assessment on change of opinion is not permitted :HC

Facts of the case During the previous year under consideration the assessee has inter-alia credited a sum of Rs. 5,05,33,63,209/- directly into the General Reserve Accounts in the Balance Sheet as “profit on sale of investment” without routing it through the profit and loss account of the corresponding year. AO’s contention:- Income of Rs. 5,05,33,63,209′-… Read More »

Section 147 Case Laws

Section 147 – Whether Reopening can be done pursuant to judgment of Supreme Court ? Held-No Dy.Commissioner of Income Tax &Ors. Vs. M/s. Simplex Concrete Piles (India) Limited (Supreme Court)( Civil Appeal no. 2329 of 2006) “The subsequent reversal of the legal position by the judgment of the Supreme Court does not authorise the Department to re-open… Read More »