Section 115JA, read with section 147, of the Income-tax Act, 1961 - Minimum alternate tax

IT: Where Assessing Officer allowed assessee's claim for set off of loss of company amalgamated with it against its book profits while determining MAT liability, he could not initiate reassessment proceedings subsequently merely on basis of change of opinion that aforesaid loss was wrongly set off
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[2015] 55 taxmann.com 59 (Bombay)
HIGH COURT OF BOMBAY
Crompton Greaves Ltd.
v.
Assistant Commissioner of Income-tax, Circle 6(2)*
M.S. SANKLECHA AND M.S. SONAK, JJ.
WRIT PETITION NO. 224 OF 2007
DECEMBER  22, 2014
Section 115JA, read with section 147, of the Income-tax Act, 1961 - Minimum alternate tax (In case of amalgamation) - Assessment year 1999-2000 - Whether where in course of assessment under section 143(3), Assessing Officer considered all relevant materials disclosed by assessee and thereafter allowed assessee's claim for set off of loss of company amalgamated with it against its book profits while determining MAT liability, in absence of any failure on assessee's part to disclose truly and fully all material facts necessary for assessment, Assessing Officer could not initiate reassessment proceedings after expiry of four years from end of relevant year merely on basis of change of opinion that aforesaid loss was wrongly set off - Held, yes [Para 10] [In favour of assessee]