2019 (6) TMI 615

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..... iple has been well explained by this court in the above referred decision in the case of Gujarat Power Corporation [ 2012 (9) TMI 69 - GUJARAT HIGH COURT] . - appeal of revenue is dismissed
MR J. B. PARDIWALA, J. For The Appellant (s) : MRS MAUNA M BHATT (174) ORAL ORDER (PER : HONOURABLE MR.JUSTICE J.B.PARDIWALA) 1. This is an appeal at the instance of the Income Tax Department under Section 260-A of the Income Tax Act, 1961 questioning the legality and validity of the order dated 11.07.2018 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench, Ahmedabad in ITA No. 1766/Ahd/2014 for the Assessment Year 2007-08. 2. It appears from the materials on record that the respondent- Assessee is a company engaged in manufacturing .....

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..... [A] "Whether the Appellate Tribunal has erred in law and on facts in dismissing the reassessment order passed by Assessing Officer stating that it is merely on change of opinion subsequent to original assessment framed u/s 143(3) of the Act ?" [B] "Whether the Appellate Tribunal has erred in ignoring the findings of CIT(A) in his order which show that the assessee had merely furnished a very cryptic reply and that the question of forming opinion by the Assessing Officer did not arise ?" [C] "Whether the Appellate Tribunal has erred in law and on facts in not appreciating the finding of the Assessing Officer and thus deleting the disallowance made of loss of ₹ 2,22,01,000/- on sale of stores treating them to be revenue in nature? .....

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..... or not in the final order he gives his reasons for not making the addition." 6. Having noticed the fact that the Assessing Officer had raised specific questions vide requisite notice dated 15.10.2010 with respect to allowability on "loss on sale of stores" and that the assesses had explained the same - without any follow-up question by the Assessing Officer in this regard, in our considered view, the Assessing Officer had indeed formed an opinion about the deductability of loss on sale of stores. It is also not in dispute that no new material has come to the light on account of which the present assessment proceedings were reopened. On these facts, in our considered view, the reopening was clearly on account of change of opinion by the A .....

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