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2019 (4) TMI 515 - BOMBAY HIGH COURTReassessment notice u/s 148 - after four years of the assessment u/s 143(3) - carry forward the losses will not be allowable as return filed 139(4) - HELD THAT:- Notice u/s 148 has been issued solely on the ground that the petitioner had not filed return within the due date as mentioned u/s 139(1) claiming carry forward and set off of business loss. Section 139(4) of the Income Tax permits an assessee to file the Income Tax Return by the end of the assessment year or before completion of assessment, whichever is earlier. In the present case, the return has been filed before end of the assessment year that is on the last date of the assessment year. The same was permissible. It cannot be said that it was failure on the part of the petitioner to disclose the true and correct facts or that an income chargeable to tax has escaped assessment by reasons of failure on the part of the assessee to file return u/s 139 or in response to notice issued u/s 142(1) or Section 148 nor the petitioner is guilty of not disclosing fully and truly all material facts. The assessment as observed supra for the year 2011-2012 has been made u/s 143(3) and the Assessing Officer has considered the case of the petitioner and held the petitioner entitled for carry forward of the loss. Mere change of opinion cannot be a ground to reopen the assessment - notice u/s 148 is quashed and set aside
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