Binani Industries Ltd. v. Assistant Commissioner of Commercial Taxes

Commissioner of Income Tax, Kolkata-II, Kolkata vs. M/S. Kesoram Idustries Limited

Bench: : The Hon’Ble Justice Surya Prakash Kesarwani & The Hon’Ble Justice Rajarshi Bharadwaj Date : 6Th May 2024. Appearance: Mr. Soumen Bhattacharjee, Advocate Mr. Ankan Das, Advocate … For The Appellant. Mr. J. P. Khaitan, Senior Advocate Ms. Nilanjana Banerjee Pal, Advocate. … For The Respondent. 1. Heard Sri Soumen Bhattacharjee, Learned Junior Standing Counsel For The Appellant & Sri J. P. Khaitan, Learned Senior Advocate Assisted By Sm. Nilanjana Banerjee Pal, Learned Counsel For The Respondent Assessee. 2. This Appeal Was Admitted By This Court By Order Dated 31St July 2013 On The Following Substantial Question Of Law:- “Whether On Facts & In The Circumstances Of The Case, The Learned Income Tax Appellate Tribunal Erred In Law In Setting Aside The Order Under Section 147 Of The Income Tax, 1961?”

…ion. The necessary sequitur is that a mere change of opinion while perusing the same material cannot be a "reason to believe" that a case of escaped assessment exists requiring assessment proceedings to be reopened. (See: Binani Industries Ltd. v. CCT, (2007) 15 SCC 435; A.LA. Firm v. CIT, (1991) 2 SCC 558). If a conscious application of mind is made to the relevant facts and material available or existing at the relevant point of time while making the assessment and again a different or divergent view is reached, it would tantamount to "change of opinion" If an assessing Authority forms an opinion during the ori…

The Principal Commissioner of Income Tax-1 vs. M/s Devi Sea Foods Ltd

…nsidered as valid ground for reopening of assessment, argued the learned counsel. In support of this arguments, reliance is placed on judgement of the Supreme Court in Binani Industries Ltd. vs. Assistant Commissioner of Commercial Taxes-(2007) 15 SCC 435, DCIT vs. Simplex Concrete Piles (India) Ltd.-(2013) 11 SCC 373 and MEPCO Industries vs. CIT-(2010) 1 SCC 434. Learned counsel for the appellants have also argued that a subsequent decision of the Supreme Court cannot be used to reopen the assessment, is a settled proposition of law. Reliance in support of this argument is p…

The Pr. Commissioner of Income -Tax-6 vs. M/s. B.Surendra Chowdary

…nsidered as valid ground for reopening of assessment, argued the learned counsel. In support of this arguments, reliance is placed on judgement of the Supreme Court in Binani Industries Ltd. vs. Assistant Commissioner of Commercial Taxes-(2007) 15 SCC 435, DCIT vs. Simplex Concrete Piles (India) Ltd.-(2013) 11 SCC 373 and MEPCO Industries vs. CIT-(2010) 1 SCC 434. Learned counsel for the appellants have also argued that a subsequent decision of the Supreme Court cannot be used to reopen the assessment, is a settled proposition of law. Reliance in support of this argument is p…

The Commissioner of Income Tax (Central) vs. K.V.Ram Kumar

…nsidered as valid ground for reopening of assessment, argued the learned counsel. In support of this arguments, reliance is placed on judgement of the Supreme Court in Binani Industries Ltd. vs. Assistant Commissioner of Commercial Taxes-(2007) 15 SCC 435, DCIT vs. Simplex Concrete Piles (India) Ltd.-(2013) 11 SCC 373 and MEPCO Industries vs. CIT-(2010) 1 SCC 434. Learned counsel for the appellants have also argued that a subsequent decision of the Supreme Court cannot be used to reopen the assessment, is a settled proposition of law. Reliance in support of this argument is p…