NANCY CRAFTS LTD

ITA - 466 / 2011HC Delhi08 September 201110 pages
For Petitioner: DEEPAK AGGARWAL
AI SummaryAllowed

What did the High Court hold?

The High Court held that the reopening of assessment was unjustified as the assessee had made a full disclosure of material facts during the original assessment, and the AO had failed to inquire from a particular angle. The reopening was based on a change of opinion, which is not permissible after four years.

What were the facts?

The assessee's assessment for AY 2001-02 was initially accepted. Later, the AO reopened the assessment under Section 147/148, questioning the treatment of foreign exchange received late and interest income for Section 80HHC deduction. The Tribunal upheld the validity of the reopening notice.

What were the issues?

Whether the reopening of assessment under Section 147/148 was justified when the assessee had fully disclosed material facts and the AO had merely changed their opinion after the original assessment was accepted.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 143(2),Section 80HHC

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#17 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ %

Decision Delivered On: 8th September, 2011

NANCY CRAFTS LTD.

. . . APPELLANT

Through: Mr. Deepak Aggarwal, Advocate with Mr. R.K. Chauhan, Advocate.

VERSUS

COMMISSIONER OF INCOME TAX . . .RESPONDENT

Through: Mr. Abhishek Maratha, Sr. Standing Counsel with Ms. Anshul Sharma, Advocate.

CORAM :-

HON’BLE MR. JUSTICE A.K. SIKRI

HON’BLE MR. JUSTICE M.L. MEHTA

1.

Whether Reporters of Local newspapers may be allowed to see the Judgment?

2.

To be referred to the Reporter or not?

3.

Whether the Judgment should be reported in the Digest?

A.K. SIKRI, J. (ORAL)

1.

Admit.

2.

The following substantial question of law arises for consideration: “Whether under the facts and circumstances of the case, the Tribunal was justified in upholding the action under Section 147 read with Section 148 of the Income Tax Act initiated by the Assessing Officer?”

2011:DHC:4606-DB 3. With th

The order continues below.

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