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TMI Blog2023 (1) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted by the assessee and completed the assessment order u/s. 143(3) of the Act. It is settled principle of law, no assessment can be reopened on the basis of change of opinion - Decided against revenue. - ITA No. 325/IND/2020 - - - Dated:- 3-1-2023 - Shri T.R. Senthil Kumar, Judicial Member And Shri B.M. Biyani, Accountant Member For the Appellant : Shri S.S. Deshpandey, A.R. For the Respondent : Shri Ashish Porwal, Sr. DR ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- This appeal is filed by the Revenue against the Appellate Order dated 28.08.2020 passed by the Commissioner of Income Tax (Appeals)-2, Bhopal, as against the re-assessment order passed under section 147 r.w.s. 143(3) of the Income Tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings is mere change of opinion as the stock statement as on 31.03.2009 submitted to the bank had been submitted during the original assessment proceedings vide reply dated 22.06.2011 which was in response to questionnaire u/s. 142(1) dated 19.01.2011. Thus the Ld. A.O. duly considered the above stock position while completing regular assessment under 143(3) of the Act. The assessee further submitted that the above statement was furnished in the first week of March as per the directions of the bank and therefore, the same was on estimate basis only. The assessee further relied upon various judicial rulings on the ground of change of opinion in reopening the assessment. The Ld. CIT(A) after considering the submissions of the assessee h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of income. 4.1. Ld. Sr. D.R. Mr. Ashish Porwal appearing for the Revenue supported the order of the Assessing Officer and pleaded that the Ld. CIT(A) erred in quashing the reassessment proceedings and requested to upheld the order of the assessing officer and allow the Revenue s appeal. 5. Per Contra, Ld. A.R. Mr. S.S. Deshpandey appearing for the assessee submitted before us, a small compilation of Paper Book which contains the reasons recorded for reopening the assessment, questionnaire issued u/s. 142(1) and replies made by the assessee during the original assessment proceedings and few case laws. The ld. Counsel taken us through page no. 7 of the Paper Book wherein the questionnaire issued u/s. 142(1) dated 19.01.2011 more p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reply dated 22.06.2011 enclosed the copies of the stock which is clearly mentioning 52.66 lakhs. Thus the Assessing Officer has examined the issue of stock, during the original assessment proceedings and do not find any discrepancy in the stock submitted by the assessee and completed the assessment order u/s. 143(3) of the Act. It is settled principle of law, no assessment can be reopened on the basis of change of opinion. A Three Judges Bench of the Hon ble Supreme Court in the case of ACIT vs. Marico Ltd. in Special Leave Peition (Civil) Diary No. 7367/2020 dated 01.06.2020 held as follows: Delay Condoned. In the present matter, the assessment order was passed on 30.01.2018 as regards the Assessment Year 2014-15. According ..... X X X X Extracts X X X X X X X X Extracts X X X X
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