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AO’s Apprehension Not Evidence – Section 50C Inapplicable to Leasehold; Reassessment on Change of Opinion Invalid
Case Law Details
- Case Name
- ACIT Vs Mazagon Dock Shipbuilders Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-06
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Mazagon Dock Shipbuilders Ltd. (ITAT Mumbai)
AO’s Apprehension Not Evidence & No 50C on Leasehold Rights- Reassessment Based on Audit Note = Change of Opinion, Not Permissible; Revenue Fails in Rs. 318 Lakh Lease Transfer Dispute – ITAT Quashes 147 Action
Assessee, a 100% Government of India undertaking under the Ministry of Defence, had originally filed its return declaring income of Rs. 133.58 crore which was assessed u/s 143(3) at Rs. 136.25 crore. Subsequently, AO issued notice u/s 148 on 26.03.2012 alleging that capital gains from transfer of leasehold land to employee ho...
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