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2021 (7) TMI 133 - AT - Income TaxReopening of assessment u/s 147 - HELD THAT:- We are of the considered view that the AO has considered the return of income, computation of income, balance sheet, profit and loss account and tax audit report and raised queries and reviewed the reply of the assessee. We find that from these very records, the AO noted and formed a belief that income has escaped assessment which means that there was no new tangible material or information. The relevant note to the balance sheet shows that the Assessing Officer wants to re-examine/review the very same note for assumption of jurisdiction u/s. 148 of the Act. In our considered opinion, this is nothing but change of opinion and absence of tangible new material. We are of the considered view that on the basis of the same assessment record as was filed by the assessee during the original assessment proceedings and also scrutinised by the Assessing Officer, before passing original assessment order u/s. 143(3) of the Act is the basis for seeking reopening of the assessment. Reasoning given by the Assessing Officer for reopening assessment is nothing but change of opinion and a new approach to the existing facts. Therefore, the impugned reassessment notice cannot be sustained and is hereby quashed.
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