9911796707
TMI Blog2019 (7) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... m and derives income from trading in fertilisers and pesticides and commission income. The assessee filed the return of income on 31.10.2017 showing total income of Rs. 2,12,292/-. The assessment was completed u/s.143(3) of the Act on 26.10.2009 determining the total income at Rs. 2,44,290/- and thereafter, order was rectified and total income was determined at Rs. 2,24,290/-. Hence, notice u/s.148 of the Act was issued on 17.6.2011 on the ground that "on verification of the assessment details, it was noticed that during the assessment proceedings, the assessee firm has filed statements of gross commission/brokerage, contract receipts, etc. of Rs. 31,58,934/- with claim of TDS credit of Rs. 1,74,926/-. But on going through the profit and l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8,231.01 has been shown as its gross receipt/income with TDS credit of Rs. 1,74,926/-. So the assessee firm has suppressed balance receipt/income amounting to Rs. 11,70,702.99 (Rs. 31,58,934. - Rs. 19,88,231.01)." 7. It was further submitted by ld A.R. of the assessee that no new material had come to the knowledge of the Assessing Officer after framing of assessment u/s.143(3) of the Act on 26.10.2009 for assessment year 2007-08, which may afford 'reason to believe' that income of the appellant had escaped assessment. It is clearly evident from the reasons recorded that no new tangible information/material came to the knowledge of the assessing officer subsequent to the conclusion of the original assessment. The reasons recorded by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e based on fulfillment of certain precondition and if the concept of "change of opinion" is removed, as contended on behalf of the Department, then, in the garb of re-opening the assessment, review would take place. One must treat the concept of "change of opinion" as an in-built test to check abuse of power by the Assessing Officer. Hence, after 1st April, 1989, Assessing Officer has power to re-open, provided there is "tangible material" to come to the conclusion that there is escapement of income from assessment. Reasons must have a live link with the formation of the belief." 9. It was further argued that in the present case on the basis of books of account and other materials, the Assessing Officer have examined the issue of disallowa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were very much in the notice of the AO as he wanted to invoke the provisions of section 154 of I.T.Act to rectify the mistake. Because the AO had issued 0notice u/s.154 of I.T.Act, therefore, it was also not in dispute that the alleged discrepancies were nothing but mistake apparent from record. Considering the peculiar situation under which the proceedings were started u/s.147/148 of I.T.Act, I hereby hold that the law does not permit a settled issue to get unsettled by reopening the same. I also find that law relating to change of opinion being not permissible for invoking proceedings u/s 147 of the Act is now well settled by Hon'ble Supreme Court in the case of Kelvinator of India Ltd., (supra). In this case, on the basis of change of op ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
