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2022 (10) TMI 362 - SCH - Income TaxReopening of assessment u/s 147 - HELD THAT - We have gone through the impugned judgment and order passed by the High Court by which the High Court 2019 (1) TMI 1345 - BOMBAY HIGH COURT has quashed and set aside the re-assessment proceedings and re-opening of the assessment in exercise of powers under Sections 147/148 of the Income Tax Act. From the material on record, it can be seen that the re-opening of the assessment was solely on change of opinion of the Assessing Officer and therefore, the High Court has rightly set aside the same. We see no reason to interfere with the impugned judgment and order passed by the High Court. As such, we are in complete agreement with the view taken by the High Court setting aside the re-assessment proceedings/re-opening of the assessment.
Issues:
1. Quashing of re-assessment proceedings and re-opening of assessment under Sections 147/148 of the Income Tax Act based on change of opinion. Analysis: The Supreme Court, comprising Hon'ble Mr. Justice M.R. Shah and Hon'ble Mrs. Justice B.V. Nagarathna, heard arguments from both parties represented by respective counsels. The Court examined the impugned judgment of the High Court, which had set aside the re-assessment proceedings and re-opening of the assessment under Sections 147/148 of the Income Tax Act. The High Court's decision was based on the grounds that the re-opening of the assessment was solely due to a change of opinion by the Assessing Officer, leading to the quashing of the proceedings. Upon reviewing the material on record, the Supreme Court concurred with the High Court's findings and upheld its decision to set aside the re-assessment proceedings and re-opening of the assessment. The Court explicitly stated that there was no justification to interfere with the High Court's judgment in this matter. Consequently, the Supreme Court affirmed its agreement with the High Court's ruling, thereby dismissing the Special Leave Petition and disposing of the pending application. In conclusion, the Supreme Court's judgment reaffirmed the principle that re-assessment proceedings and the re-opening of assessments under Sections 147/148 of the Income Tax Act cannot be solely based on a change of opinion by the Assessing Officer. The Court's decision emphasized the importance of adhering to legal standards and procedures in such matters, thereby upholding the sanctity of the assessment process.
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