2019 (10) TMI 1081 - HC - Income Tax

Reopening of assessment u/s 147 - deduction claimed u/s 80IA of the Act in the revised return of income - HELD THAT - As submitted that the petitioner had furnished an explanation and after going through the issue, the Assessing Officer had accepted the explanation given by the petitioner and had allowed the deduction claimed under section 80IA of the Act. As submitted that, therefore, the Assessing Officer seeks to reopen the assessment on a mere change of opinion, which is not permissible in law. It was submitted that even on merits, the reopening of assessment is bad. Having regard to the submissions advanced by the learned counsel for the petitioner, issue Notice, returnable on 03.12.2019. By way of ad-interim relief, the respondent is restrained from proceeding further pursuant to the impugned notice dated 25.03.2019 issued under section 148 of the Act for the assessment year 2012-13.

Summary

The High Court of Gujarat heard a case regarding the reopening of an assessment under the Income Tax Act, 1961 for the assessment year 2012-13. The petitioner argued that the reasons for reopening were based on existing material and that the notice was issued beyond the permissible time limit. The petitioner had filed a revised return and the Assessing Officer had already accepted the explanation provided. The court issued a notice and restrained the respondent from further proceedings based on the impugned notice.