Case Law Details
Case Name : Sanand Properties Pvt. Ltd Vs Jt. Commr. of I.T. Range 6 And Ors. (Supreme Court of India)
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Supreme Court of India
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Sanand Properties Pvt. Ltd Vs Jt. Commr. of I.T. Range 6 And Ors. (Supreme Court of India)
Supreme Court Holds Reassessment Invalid Because Reopening Was Based on Mere Change of Opinion; Reopening Under Section 148 Quashed Because No New Tangible Material Existed; Income From AOP Held Non-Taxable in Member’s Hands Because It Was Share of Profit; Supreme Court Says Reassessment Cannot Be Used as Substitute for Review of Completed Assessment; Section 147 Reopening Invalid Because Assessing Officer Already Examined Profit Sharing Arrangement; AOP Member’s Share Not Taxable Separately Because ...
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Author Bio
Excellent judgment by the Supreme Court reaffirming that reassessment cannot be reopened merely on a change of opinion. The ruling strongly protects taxpayers from arbitrary reopening without fresh tangible material.