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Section 147 Reassessment Quashed as Reopening Based on Change of Opinion: ITAT Mumbai
Case Law Details
- Case Name
- Aditya Birla Private Equity Trust Vs National Faceless Appeal Centre (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Aditya Birla Private Equity Trust Vs National Faceless Appeal Centre (ITAT Mumbai)
The assessee, a trust established under the Indian Trusts Act, 1882 and registered with SEBI as a Venture Capital Fund (VCF) under the SEBI (Venture Capital Fund) Regulations, 1996, filed its return for Assessment Year 2016-17 declaring nil income after claiming exemption of ₹47.76 crore under Sections 10(23FB), 10(34) and 10(35) of the Income-tax Act, 1961. The original assessment was completed under Section 143(3) on 30.12.2018 after scrutiny and acceptance of the returned income. Subsequent...
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