Law:

Section:

Section 147, read with section 9, 44BB and 44DA, of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment year 2003-04 - Whether reassessment can be initiated on a mere change of opinion to merely re-examine an issue on basis of information or material which was already available to Assessing Officer at time of completion of original assessment - Held, no - Whether subsequent pronouncement by a Court or a Superior Court entitle Assessing Officer to reopen assessment proceedings on ground that Assessing Officer has reasons to believe that income has escaped assessment or that assessee has not fully and truly disclosed all material facts - Held, no - Assessee, a British company, was engaged in business of providing services and facilities in connection with exploration and extraction as well as production of mineral oil - For relevant assessment year, it offered its gross revenue to be taxed under section 44BB - Assessing Officer, after examining return of income and other documents and replies filed by assessee and, after applying its mind, issued an assessment order under section 143 (3) - After a lapse of more than four years, Assessing Officer issued notice under section 148 proposing to reassess assessee's income on grounds that assessee's income was liable to be taxed as a fee for technical services in view of decision of Uttaranchal High Court in case of CIT v. O.N.G.C. [2008] 299 ITR 438 ; and that in view of Explanatory Note to Finance Bill, 2010, combined effect of provisions of sections 44BB, 44DA and 115A is that if income of a non-resident is in nature of fee for technical services, it is taxable under provision of section 44DA or section 115A irrespective of business to which it relates - Whether when under existing provisions contained in sections 44BB, 44D, 115A and Explanation II of section 9(1)(vii), it was open to Assessing Officer to tax assessee either under section 44BB or 44D or under section 9(1)(vii) on basis of material produced before him and Assessing Officer, after due enquiry and verification and after applying mind to facts of case, came to conclusion that assessee was laible to be…

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