Sec. 147 of Income-tax Act, 1961— Reassessment—Reassessment invalid as assessee’s claim of benefits under the Chapter XII-G as is clear from the material on record came up for pointed attention of the AO during the original assessment proceedings.

Facts: Assessment was reopened on the ground that AO has reason to believe that all the activities carried out by the company is incidental activities in the absence of core business activity so it disentitles the company from their claim of Tonnage Tax Scheme and the company should be taxed as per normal provisions and Chapter XII-G will not be applicable to the case of the company.

Held, that assessee’s nature of activities was fully disclosed during the assessment proceedings. There was no failure on the part of assessee to disclose any of the material facts. In fact from the note on assessee’s nature of business one could gather the precise nature of the activities carried on by the company. There was these clear disclosure on the part of the assessee and the reopening of assessment beyond the period of four years from the end of relevant assessment year could not have been done. The assessee’s claim of benefits under the Chapter XII-G as is clear from the material on record came up for pointed attention of the AO during the original assessment proceedings. It was in this context that the AO had raised certain queries including asking the assessee to give full details of its business activities. Thus, the question of the assessee being qualified for the benefits under Chapter XII-G was scrutinized issue. Without there being any additional material, any attempt on the part of the AO to reopen the assessment would be based on mere change of opinion.On both grounds, therefore, the petition succeeds. - SAMSON MARITIME LTD. V/s DEPUTY CIT - [2020] 314 CTR 887 (BOM)