Questions & Answers On: change of opinion
| Can a S. 143(3) assessment be reopened u/s 147 despite full disclosure of facts? | |
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| Subject: | Can a S. 143(3) assessment be reopened u/s 147 despite full disclosure of facts? |
| Category: | Income Tax |
| Asked by: | Prashant Joshi |
| Answered by: | Advocate Michael Gonsalves |
| Tags: | change of opinion, reopening of assessment |
| Date: | October 11, 2018 |
| Excerpt of answer: | In Income-Tax Officer V/s. Techspan India Private Limited and Another, reported in [2018] 404 ITR 10(SC), the Supreme Court reiterated the settled principle of law laid down by the Supreme Court in CIT V/s. Kelvinator of India Ltd. [2010] 320 ITR 561(SC) that the Assessing Officer has a power only to reassess and has no power to review the assessment order. Thus, it held that no re-opening notice can be issued which is premised on a change of opinion |