The Commissioner Of Income Tax (Ltu v. Industrial Development Bank Of India

bsb IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1287 OF 2011 The Commissioner of Income Tax (LTU) … Appellant v/s Industrial Development Bank of India … Respondent Mr.Vimal Gupta, senior advocate with Mr.Suresh Kumar for the appellant. Mr.Srihari M. Iyer for the respondent. CORAM: S.C. DHARMADHIKARI & G.S. KULKARNI, JJ. DATED : 19TH MARCH, 2014 P. C. : 1Heard Mr.Gupta, learned senior counsel appearing on behalf of the appellant. Perused the impugned order passed by the Income Tax Appellate Tribunal allowing the appeal of the respondent bank assessee. 2The Tribunal has held that the assessment cannot be reopened on mere change of opinion. It was the claim of the assessee that it made complete disclosure of the facts. They were examined by the Assessing Officer during the course of the assessment proceedings. The revenue did not come forward with any material, particularly, that the Assessment Officer did not examine the facts during the course of the earlier assessment proceedings. There is no additional material or facts which are brought on record so as to enable the authority to form a opinion that the income escaped assessment. In these circumstances, the Tribunal was right in relying on the judgment of the Hon'ble Supreme Court in the case of Commissioner of Income Tax, Delhi vs. M/s.Kelvinator of India Ltd., renderedin Civil Appeal Nos.2009-2011 of 2003, decided on 18[th] January, 2010. 3Such findings are essentially of facts and do not give rise to a substantial question of law. The appeal is, therefore, devoid of any merits and is accordingly dismissed. (G.S. KULKARNI, J.) (S.C.DHARMADHIKARI, J.)