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TMI Blog2022 (4) TMI 1327X X X X Extracts X X X X X X X X Extracts X X X X ..... filed its return of income for A.Y. 2017-2018 on 27th October, 2017 declaring income at Rs. 19,08,72,160/-. The assessment proceedings under Section 143(3) was completed on 16th December, 2019 assessing the income at Rs. 19,08,72,160/-. 3. On 30th March, 2021, Petitioner received the impugned notice under Section 148 of the Act. The reason for re-opening was provided to Petitioner by a communication dated 1st June, 2021. Two issues have been raised in the reasons for re-opening, firstly, Petitioner has given to its senior employees incentives of Rs. 17,86,30,560/-, and those employees together are holding about 31.34% shares in the Company. No dividend has been declared for F.Y. 2016-2017. According to the Assessing Officer, these payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of consideration during the original assessment proceedings as much as specific queries have been raised and replies have been given which have been considered and as held by this Court in various matters including Aroni Commercials Ltd. v. Deputy Commissioner of Income Tax 2(1) [2014] 44 taxmann.com 304 (Bombay), even if there is no specific discussion in the assessment order, query having been raised and answers given by the assessee, these issues were certainly subject matters of consideration in the assessment proceedings. 7. We have considered the Petition and documents annexed thereto with the assistance of Dr. Shivaram and Mr. Suresh Kumar. It is settled law as held by this Court in Aroni Commercials Ltd. (supra), that once a quer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orm 704, i.e., Audit Report under the Maharashtra Value Added Tax Act, 2002. 9. Therefore, these two issues have been subject of consideration before the Assessing Officer during the original assessment proceedings. There can be no doubt in the present facts, the very issue of incentives to the senior executives and the difference in the VAT turnover was a subject matter of consideration by the Assessing Officer during the original assessment proceedings. It would therefore, follow that the re-opening of the assessment by the impugned notice is merely on the basis of change of opinion from that held earlier during the course of assessment proceedings. This change of opinion does not constitute justification and/or reasons to believe that i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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