On writ High Court quashed the reassessment notice on the ground that the Assessing Officer could not have formed a prima facie belief that there was escapement of income in view of the material available on record during the original assessment proceedings\u00a0 and the notice was\u00a0 on a change of opinion on the part of the Assessing Officer on borrowed satisfaction without there being any fresh tangible material to prima facie material.\u00a0 SLP of revenue\u00a0 dismissed as the delay of 181 days in filing the special leave petition had not been satisfactorily explained\u00a0 and also on merits. (AY. 2016-17, 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-Exchange, difference or net loss in foreign exchange transaction-Change of opinion-No tangible material-SLP of revenue dismissed, the delay of 181 was not satisfactorily explained and also on merits. [S. 143(3), 148, Form 15CA, Art. 136] <\/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-57071","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-eQv","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/57071","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=57071"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/57071\/revisions"}],"predecessor-version":[{"id":57072,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/57071\/revisions\/57072"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=57071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=57071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=57071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}