BALALJI LIFESTYLE REALTORS P.LTD,MUMBAI vs. ACIT CEN CIR 7(1), MUMBAI

ITA 3172/MUM/2017Status: DisposedITAT Mumbai29 November 2023AY 2009-1017 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the AO's action to reopen the assessment was based on a 'change of opinion' without any new tangible material, which is not permissible under Section 147 of the Income Tax Act. Furthermore, share premium could not be brought to tax for the relevant assessment year.

What were the facts?

The Assessing Officer (AO) reopened the assessment for AY 2009-10, alleging escapement of income related to share premium. The AO had previously completed the assessment without making any adverse findings on this issue.

What were the issues?

Whether the reopening of a completed assessment was valid when based on a change of opinion without new material. Whether share premium received before April 1, 2013, was taxable.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 68

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Income Tax Appellate Tribunal, “B” BENCH, MUMBAI

Before: SHRI ABY T. VARKEY, JM & SHRI PRASHANT MAHARISHI, AM

For Appellant: Shri N. M. Porwal (Adv)
Hearing: 01/11/2023Pronounced: 29/11/2023

PER ABY T. VARKEY, JM: This is an appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-49, Mumbai dated 02.03.2017 for the assessment year 2009-10. 2. Ground no. 1 is general in nature so does not require any adjudication.

3.

By raising ground no. 2, assessee has challenged the action of the AO to have reopened the original assessment [framed u/s 153A r.w.s. 143(3) of the Income Tax Act, 1961 (hereinafter “the Act”) dated 30.12.2011], by issuing notice dated 29.03.2014 u/s 148 of the Act.

2 A.Y. 2009-10 M/s

The order continues below.

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