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Ahmedabad ITAT Quashes Reassessment Beyond Four Years as Mere Change of Opinion; Deletes ₹1.33 Crore Disallowance Under Section 37(1)
Case Law Details
- Case Name
- Tipsons Stock Brokers Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Ahmedabad
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Tipsons Stock Brokers Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)
Ahmedabad ITAT Quashes Reassessment Beyond Four Years as Mere Change of Opinion; Deletes ₹1.33 Crore Disallowance Under Section 37(1)
The Ahmedabad ITAT allowed the assessee’s appeal by quashing the reassessment proceedings initiated under sections 147/148 and also holding, on merits, that the disallowance of ₹1.33 crore under section 37(1) was unsustainable. The Tribunal held that the reassessment, initiated beyond four years from the end of the relevant assessment year, was based solely on a reappraisal of ma...
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