2023 (5) TMI 1257 - HC - Income Tax

Validity of reassessment proceedings - Submission is, the original assessment order came to be passed upon limited scrutiny. That exercise was directed mainly on the issuance of shares by the present petitioner - HELD THAT - Merely because an audit objection may have been received as to the manner in which the assessment order came to be written may not be enough to reach conclusion of escapement in assessment. Thus, it has been submitted, reassessment proceedings in the present case has been initiated on a simple change of opinion, over the same material. Matter requires consideration. As revenue prays and is granted four weeks' time to file counter affidavit. Petitioner shall have two weeks thereafter to file rejoinder affidavit. List thereafter showing the name of Sri Krishna Agarwal as counsel for the revenue - In the meanwhile, reassessment proceedings for the Assessment Year 2016-2017 shall remain stayed.

Summary

The High Court of Allahabad heard a case regarding reassessment proceedings initiated on a change of opinion. The court granted time for filing counter affidavit and ordered a stay on reassessment proceedings for the Assessment Year 2016-2017.