If AO has examined the issue of loss arising out of fluctuation in foreign exchange, then reassessment cannot be initiated

Hidelbergcement India Ltd Vs ACIT (ITAT Mumbai) – Once the Assessing Officer considered and examined the issue of foreign exchange fluctuation as manifest from the original assessment order, the assessment completed u/s 143(3) cannot be reopened on the same issue by taking a different view. The Hon’ble Supreme Court in the case of Kelvinator India Ltd (supra) has held that concept of change of opinion has not been obliterator by virtue of amendment of sec 147 of the I T Act.

THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI
ITA No. 2336/MUM/2010
(Asst Year 2004-05)