Case Law Details
ACIT Vs Dinesh M. Raste (ITAT Pune)
ITAT Pune held that it is an admitted fact that assessee has fully and truly disclosed all the material facts and hence initiation of re-assessment proceedings merely on the change of opinion by AO is impermissible in law.
Facts- The present appeal is preferred by the revenue because CIT(A) has allowed the relief to the assessee by holding that the reopening of the assessment u/s 147/148 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) was bad in law and invalid.
Conclusion- In the instant case also the reassessment is not a case where the assessee has not disclosed fully and truly all material facts but it is a case where the re-assessment proceedings were initiated only on a mere change of opinion by the A.O which is not permissible in law.
Held that we have no reason to interfere with the findings of CIT(A) on facts as well as in law whereby the re-assessment proceedings has been held to be invalid and bad in law and we uphold the same. The appeal of the revenue is dismissed.
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