Tuesday 7 August 2012

S. 147 reopening based solely on audit department’s objection is void

ICICI Home Finance Co. Ltd vs. ACIT (Bombay High Court)


For AY 2006-07, the AO passed an assessment order. The revenue audit raised an objection that the AO had wrongly allowed the assessee’s claim on several items. Based on this, the AO reopened the assessment within 4 years from the end of the AY. The assessee challenged the reopening on the ground that (a) it was based on the audit objection and without independent application of the AO’s mind & (ii) all the facts were already on record, there was no new material and it was a case of “change of opinion“. HELD upholding the challenge:

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