Allowing the petition of the assessee the High Court held that the Department had not discharged the onus to show that there was a failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment under the proviso to section 147 and that the reopening was only due to a change of opinion, which was not permissible. On a petition for special leave to appeal to the Supreme Court, dismissed the petition holding that all the conditions required for reassessment of the assessment of four years not being satisfied. Followed, ACIT v. CEAT Ltd (2022) 449 ITR 171(SC) (SLP No. 12643 of 2022 dt. 10-10- 2022). (AY. 2015-16)
ACIT v. E-Land Apparel Ltd. (2023) 453 ITR 23 / 293 Taxman 453 (SC) Editorial: E-Land Apparel Ltd v. ACIT (2023) 453 ITR 16 (Bom)(HC), is affirmed.
S. 147 : Reassessment -After the expiry of four years -No failure to disclose material facts -Change of opinion – Reassessment notice and order disposing the objection was quashed by the High Court was affirmed. [S. 143(3), 148, Art. 136, 226]