The assessee’s original assessment was completed under section 143(3). More than four years after the end of the relevant assessment year, the Assessing Officer issued a notice under section 148 to reopen the assessment. The reason provided was that the deduction under section 80HHC should have been calculated after setting off brought-forward losses against the adjusted business profit. The High Court quashed the reassessment proceedings. It held that as the reopening was initiated after four years from a scrutiny assessment, the proviso to section 147 required the Revenue to establish a failure on the part of the assessee to fully and truly disclose all material facts. The reasons recorded did not indicate any such failure but were based on a re-examination of the same material already on record. This constituted a mere change of opinion, and an error discovered upon such reconsideration does not grant the Assessing Officer the power to reopen an assessment. (AY. 2003-04)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Change of opinion-Reopening on the ground that deduction under section 80HHC ought to have been determined after setting off brought-forward losses held to be a mere change of opinion on the same material and, hence, not permissible. [S. 80HHC, 143(3), 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-58009","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-f5D","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58009","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=58009"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58009\/revisions"}],"predecessor-version":[{"id":58010,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58009\/revisions\/58010"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=58009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=58009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=58009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}