Allowing the petition the Court held that issue regarding set-off of long term capital loss against long term capital gain of current year, was considered and deliberated in course of original assessment proceedings by Assessing Officer and no new tangible material was available with Assessing Officer that could justify reopening of assessment, it could be said that reopening was on account of mere change of opinion and was to be quashed. Reassessment notice and order disposing the objection was quashed. Referred ITO v. Lakhmani Mewal Das (1976 ) 103 ITR 437 (SC)) (Ananta Landmark (P.) Ltd. v. Dy. CIT(2021) 131 taxmann.com 52/ 283 Taxman 462/ 439 ITR 168 Bom)( HC) CIT v. Kelvinator of India Ltd (2002) 123 Taman 433/ 256 ITR 1 (FB) ( Delhi))(HC), Tata Sons Ltd. v. Dy. CIT (2022) 137 taxmann.com 414/286 Taxman 587(Bom)(HC) Jt. CIT v. Cognizant Technology Solutions India (P.) Ltd (2023) 146 taxmann.com 197 /291 Taxman 526/ 452 ITR 224 (SC).(AY. 2015-16)
Noshir Darabshaw Talati v. ACIT [2023] 150 taxmann.com 16 (Bom)(HC)
S. 147 : Reassessment–After the expiry of four years – Set-off of long term capital loss against long term capital gain – No failure to disclose material facts–No power of review – Reassessment notice and order disposing the objection was quashed. [S. 74, 143(3), 148, Art. 226]