Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 450 - AT - Income TaxReopening of assessment - assessee has claimed excess allowance of deduction under section 36(1) (viia) and under section 36(1) (viii) - internal auditors has raised objections on the method of calculation adopted by the assessee to claim deduction under section 36(1) - reopening proceedings are initiated by the assessing officer after 4 years from the end of assessment year - HELD THAT:- We noticed that the assessee has submitted all the relevant information during the original assessment proceedings and the same was verified by the assessing officer in the original assessments and completed the assessment. As relying on M/S LATIN MANHARLAL SECURITIES P LTD. [2016 (3) TMI 1390 - ITAT MUMBAI] Reopening of the assessment was initiated based on the internal audit query and it may be a reasonable ground to reopen the assessment but all the relevant information required to reopen the assessment were already available on record and the original assessment was completed only after due verification by the then assessing officer and there is no new material brought on record by the present assessing officer. Since there is no new material available on record it will amounts to change of opinion/mind on the part of the AO - Assessment proceedings were reopened after 4 years from the date of end of relevant assessment year and assessing officer has not brought on record any material which suggests that assessee has failed to submit all the relevant information fully and truly at the time of filing the return of income or failed to substantiate any information at the time of original assessment. Ground raised by the assessee is accordingly allowed.
|