Assessee-company sold shares of two companies to a company namely SCPL for consideration of Rs. 40 lakhs. \u00a0Assessment was completed under section 143(3) without making any addition in respect transaction of sale of shares .After four years, Assessing Officer issued reopening notice against assessee on ground that assessee was beneficiary of accommodation entries to tune of Rs. 40 lakhs, which was sum received from SCPL . On writ the Court held that \u00a0Assessing Officer already had information with respect to certain shares which were sold for consideration to SCPL. If Assessing Officer was not satisfied with explanation furnished by assessee, at that stage, he could have exercised powers to make addition but did not choose to do anything on such count . Accordingly the action of reopening was merely change of opinion on same set of facts, which was disclosed and considered by Assessing Officer during assessment . Reassessment notice and order disposing the objection is quashed . ( AY. 2012 -13)<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment \u2013With in four years-Accommodation entries \u2013 Sale of shares – All material with respect to transaction at time of original assessment – Assessing Officer was satisfied with the explanation- Change of opinion \u2013 Reassessment notice and order disposing the objection is quashed . [ S. 68, 132, 148 , Art. 226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","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":""},"categories":[21],"tags":[],"class_list":["post-50133","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d2B","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50133"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50133\/revisions"}],"predecessor-version":[{"id":50134,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50133\/revisions\/50134"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}