{"id":5456,"date":"2012-08-28T04:03:03","date_gmt":"2012-08-28T04:03:03","guid":{"rendered":"http:\/\/itatonline.org\/archives\/?p=5456"},"modified":"2012-08-28T04:03:03","modified_gmt":"2012-08-28T04:03:03","slug":"acit-vs-icici-securities-primary-dealership-ltd-supreme-court-s-147-reopening-on-change-of-opinion-is-not-permissible","status":"publish","type":"post","link":"https:\/\/itatonline.org\/archives\/acit-vs-icici-securities-primary-dealership-ltd-supreme-court-s-147-reopening-on-change-of-opinion-is-not-permissible\/","title":{"rendered":"ACIT vs. ICICI Securities Primary Dealership Ltd (Supreme Court)"},"content":{"rendered":"\n\n
Click here to download the judgement (icici_securities_147_reopening_change_of_opinion.pdf) <\/strong> <\/a><\/p><\/td>\n<\/tr>\n<\/table>\n


\nS. 147 Reopening on “change of opinion” is not permissible
\n<\/strong><\/p>\n

For AY 1999-2000, the assessee claimed a deduction for Rs. 19.86 crores which was allowed by the AO in s. 143(3) assessment. Subsequently, after the expiry of 4 years, the AO reopened the assessment u\/s 147 on the ground that the said loss was a “speculative loss<\/em>” and could not be allowed as a deduction. The assessee filed a Writ Petition to challenge the reopening which was allowed by the High Court (file included<\/em>) on the ground that though the AO was justified in his analysis that there was escapement of income, there was “nothing new<\/em>” which had come to the notice of the revenue and that reopening was based on a “mere relook<\/em>” which was not permissible. On appeal by the department to the Supreme Court, HELD dismissing the appeal:<\/p>\n

The assessee had disclosed full details<\/strong> in the Return of Income in the matter of its dealing in stocks and shares. According to the assessee, the loss incurred was a business loss, whereas, according to the Revenue, the loss incurred was a speculative loss. Rejection of the objections of the assessee to the re-opening of the assessment by the Assessing Officer vide his Order dated 23rd June, 2006, is clearly a change of opinion<\/strong>. In the circumstances, we are of the view that the order re-opening the assessment was not maintainable<\/strong><\/p><\/blockquote>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The assessee had disclosed full details<\/strong> in the Return of Income in the matter of its dealing in stocks and shares. According to the assessee, the loss incurred was a business loss, whereas, according to the Revenue, the loss incurred was a speculative loss. Rejection of the objections of the assessee to the re-opening of the assessment by the Assessing Officer vide his Order dated 23rd June, 2006, is clearly a change of opinion<\/strong>. In the circumstances, we are of the view that the order re-opening the assessment was not maintainable<\/strong><\/p>\n

Read more ›<\/a><\/div>\n

<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4,7],"tags":[],"class_list":["post-5456","post","type-post","status-publish","format-standard","hentry","category-all-judgements","category-supreme-court"],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/5456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/comments?post=5456"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/5456\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/media?parent=5456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/categories?post=5456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/tags?post=5456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}