Karnataka H.C : The reopening of assessments made by the AO was without jurisdiction; as it was on account of mere change of opinion when admittedly during the course of assessment of M/s Manikya Plastichem (P) Ltd. it was detected that equity shares worth Rs. 25 had been sold in favour of the assessee at Rs. 10 and the difference had escaped assessment which was liable to be taxed in accordance with the amended s. 147 of the Act ?
High Court Of Karnataka CIT & Anr. vs. Kirtivan D. Kotian Section 17(2)(iii), 143, 148 Asst. Year 1996-97 Deepak Verma […]
