DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD vs. ANDHRA BANK , HYDERABAD
In the result appeal of the assessee is allowed and the appeal of the revenue is dismissed
ITA 315/HYD/2019[2010-11]Status: DisposedITAT Hyderabad20 May 2021AY 2010-11
Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahuassessment Year: 2010-11 Union Bank Of India, Vs. Dy. Commissioner Of (Erstwhile Andhra Income-Tax, Bank), Hyderabad. Circle – 1(1), Hyderabad. Pan – Aabca 7375C (Appellants) (Respondent) Assessment Year: 2010-11 Dy. Commissioner Of Vs. Union Bank Of India, Income-Tax, (Erstwhile Andhra Circle – 1(1), Bank), Hyderabad. Hyderabad Pan – Aabca 7375C
For Appellant: Shri S. AnanthamFor Respondent: Smt. Amisha S. Gupt
Section 143Section 143(3)Section 147Section 148Section 36
…led by the assessee, taking resort to Section 147/148 was unwarranted as it constituted a change of opinion, since the material acted upon had been made available along with return of income. (4) In Satnam Overseas vs. Addl. Commissioner of Income Tax, (2010) 329 ITR 237 (Delhi), the High 15 I.T.A. No. 192/Hyd/2019 & ITA No. 315/Hyd/2019 Union Bank of India,, Hyd. Court held that the only reason which has been given seeking reopening of the assessment for the years 1997-98 and 1998-99 is that suppression of sales has taken place on account of the fact that when average price of the closing stock is multiplied w…
