Case Law Details
CASE LAWS DETAILS
DECIDED BY: HIGH COURT OF BOMBAY
IN THE CASE OF: Rallis India Ltd. Vs. ACIT, APPEAL NO: Writ Petition No. 2514 of 2009, DECIDED ON March 4, 2010
RELEVANT PARAGRAPH
We are conscious of the circumstance that in the present case the re-opening of assessment is sought to be effected within a period of four years of the expiry of the relevant assessment year. However, it is now a well settled position of law that a mere change of opinion would not justify the Assessing Officer in seeking a recourse to the powers under Section 147 and 148 and there must be tangible material before the Assessing Officer to prove that income chargeable to tax has escaped assessment. The principle that there must be tangible material on the basis of which an assessment is sought to be re-opened even within a period of four years is now established in view of the judgement of the Supreme Court in Commissioner of Income Tax V/s. M/s. Kelvinator of India Limited. The Supreme Court has held thus :
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