On writ allowing the petition the High Court held that a specific query in respect of the expenditure in question was raised at the time of original assessment and was replied by the assessee. The assessee had truly and fully disclosed all material facts necessary for the purpose of assessment. Change of opinion of the Assessing Officer about the manner of computation of income, which was not permissible, in view of the proviso to section 147 of the Act. SLP of Revenue was dismissed. (AY. 2014-15)
ACIT v. Virbac Animal Health India Pvt. Ltd. (2023)453 ITR 794/293 Taxman 502 (SC) Editorial: Virbac Animal Health India Pvt. Ltd v. ACIT (2023) 453 ITR 787 (Bom)(HC) is affirmed.
S. 147 : Reassessment -After the expiry of four years – Specific query in the course of assessment proceedings -Expenditure on cost of samples – Advertisement and sales promotion- Change of opinion -SLP of Revenue is dismissed. [S. 37(1), Explanation, 148, Indian Medical Council (Professional, Conduct, Etiquette and Ethics) Regulations, 2002, Art. 136]