IT : Reassessment to disallow exercise depreciation allowed on reappreciation of facts not justified
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[2014] 51 taxmann.com 568 (Gujarat)
HIGH COURT OF GUJARAT
Niko Resources Ltd.
v.
Assistant Director of Income-tax*
M.R. SHAH AND MS. SONIA GOKANI, JJ.
SPECIAL CIVIL APPLICATION NO. 7307 OF 2013
JULY 25, 2014
Section 32, read with section 147, of the Income-tax Act, 1961 - Depreciation - Allowance/Rate of (Reassessment) - Assessment year 2005-06 - Return of assessee was taken under scrutiny assessment and assessee was required to furnish all details of depreciation claimed alongwith items purchased and put to use - Assessing Officer passed assessment order allowing claim of depreciation - Thereafter, Assessing Officer issued notice under section 148 after period of 4 years seeking to reopen assessment of assessee on ground that earlier Assessing Officer had allowed excessive depreciation - Whether re-assessment on above facts could not be resorted to - Held, yes [Paras 3 and 4] [In favour of assessee]
Section 147, of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts (Change of opinion) - Whether where assessee disclosed full and complete facts and at time of original assessment all these details were examined, merely because there was some error earlier on part of Assessing Officer himself or because he chose not to opine on issue and interprets material or law otherwise than what was done by him, no change of opinion is permissible - Held, yes
■■■
[2014] 51 taxmann.com 568 (Gujarat)
HIGH COURT OF GUJARAT
Niko Resources Ltd.
v.
Assistant Director of Income-tax*
M.R. SHAH AND MS. SONIA GOKANI, JJ.
SPECIAL CIVIL APPLICATION NO. 7307 OF 2013
JULY 25, 2014
Section 32, read with section 147, of the Income-tax Act, 1961 - Depreciation - Allowance/Rate of (Reassessment) - Assessment year 2005-06 - Return of assessee was taken under scrutiny assessment and assessee was required to furnish all details of depreciation claimed alongwith items purchased and put to use - Assessing Officer passed assessment order allowing claim of depreciation - Thereafter, Assessing Officer issued notice under section 148 after period of 4 years seeking to reopen assessment of assessee on ground that earlier Assessing Officer had allowed excessive depreciation - Whether re-assessment on above facts could not be resorted to - Held, yes [Paras 3 and 4] [In favour of assessee]
Section 147, of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts (Change of opinion) - Whether where assessee disclosed full and complete facts and at time of original assessment all these details were examined, merely because there was some error earlier on part of Assessing Officer himself or because he chose not to opine on issue and interprets material or law otherwise than what was done by him, no change of opinion is permissible - Held, yes
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