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Tuesday, August 28, 2012

Mere change of opinion cannot be a reason for re-opening a case u/s. 147 of the Income Tax Act, 1961

Mere change of opinion is not permissible for re-opening a case under sec-147 of the I T Act, 1961

IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO.5960 OF 2012

(Arising out of S.L.P. (C) No.16054 of 2007)

(From the judgement and order dated 22/08/2006 in WP No.1919/2006 of The HIGH
COURT OF BOMBAY)

Assistant Commissioner of Income Tax 
Mumbai and Ors. ...Appellant(s)

Versus

ICICI Securities Primary Dealership Ltd. ...Respondent(s)


O R D E R

Leave granted.


We have heard learned counsel on both sides.



The assessee had disclosed full details in the Return of Income in the matter of its dealing in stocks and shares. According to the assessee, the loss incurred was a business loss, whereas, according to the Revenue, the loss incurred was a speculative loss. Rejection of the objections of the assessee to the re-opening of the assessment by the Assessing Officer vide his Order dated 23rd June, 2006, is clearly a change of opinion. In the circumstances, we are of the view that the order re-opening the assessment was not maintainable.

The civil appeal is, accordingly, dismissed.


No order as to costs.

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