Case Law Details
Shahlon Silk Industries Pvt Ltd Vs ACIT (Gujarat High Court)
Gujarat High Court held that issued raised in reopening assessment was already considered during assessment proceedings u/s 143(3) of the Income Tax Act. Accordingly, mere change of opinion by the Assessing Officer cannot be ground for reopening of assessment.
Facts- By the petition under Article 226 of the Constitution of India, the petitioner has challenged the notice issued under section 148 of the Income Tax Act, 1961 for reopening of the assessment proceedings for the Assessment Year 2012-2013.
The petitioner is a company incorporated under the Companies Act, 1956 and was engaged in the business of manufacturing and trading of yarn and fabric during the assessment year under consideration. The assessee company Shahlon Industries Pvt. Ltd merged with the petitioner herein i.e. Shahlon Silk Industries Pvt. Ltd vide order dated 27.08.2014 passed by this Court.
AO issued show cause notice calling upon the petitioner assessee to show cause as to why disallowance under section 14A of the Income Tax Act should not be made.
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