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Reopening of assessment invalid if based on “change of opinion”
Case Law Details
- Case Name
- Rajarathnam’s Jewels Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07 to 2012-13
- Courts
- All ITAT, ITAT Bangalore
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Rajarathnam’s Jewels Vs ACIT (ITAT Bangalore)
The Ld A.R also invited our attention to the assessment order passed for AY 2005-06 u/s 143(3) of the Act. The Ld A.R submitted that the assessee had entered into an agreement with family members titled as “Bilateral understanding for deposit of gold and diamond jewellery” before taking the gold as metal loan. He submitted that these agreements were entered into way back in 1998 itself and the assessee is holding the gold belonging to family members since that date. He submitted that the assessee has been paying “user fees” to two of the ...
