Income Tax Act - Considering the fact that the AO had called upon the petitioners to produce the evidence in support of increase of authorised share-capital, evidence of share allotment and names and addresses of the parties from whom share-premium was received, among other things and thereafter, the AO finalised the assessment, the subsequent re-opening can be said to be change of opinion - the re-opening of assessment is rightly set aside by the High Court - No reason to interfere with the same and Special Leave Petition stands dismissed
2022-VIL-19-SC-DT
SUPREME COURT OF INDIA
Petition for Special Leave to Appeal (C) No. 12867/2022
Date: 18.08.2022
ASSISTANT COMMISSIONER OF INCOME TAX & ORS.
Vs
KALPATARU LAND PRIVATE LIMITED
For Petitioner(s): Mr. N. Venkatraman, ASG, Mr. Apurv Karoop, Adv., Mr. Rajan Kumar, Chourasia, Adv., Mr. Uday Khanna, Adv., Mr. Shreyash Lalit, Adv, Mr. Raj Bahadur Yadav, AOR
For Respondent(s):
CORAM
HON'BLE MR. JUSTICE M.R. SHAH
HON'BLE MR. JUSTICE PAMIDIGHANTAM SRI NARASIMHA
UPON hearing the counsel the Court made the following
O R D E R
Considering the fact that earlier the Assessing Officer had called upon the petitioner(s) to produce the evidence in support of increase of authorised share-capital, produce the evidence of share allotment and names and addresses of the parties from whom share-premium was received, among other things and thereafter, the Assessing Officer finalised the assessment and passed Assessment Order, the subsequent re-opening can be said to be change of opinion. Under the circumstances, the re-opening is rightly set aside by the High Court. We see no reason to interfere with the same.
The Special Leave Petition stands dismissed.
Pending application (s) shall stand disposed of.
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