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TMI Blog2023 (6) TMI 1269X X X X Extracts X X X X X X X X Extracts X X X X ..... could rightly be concluded that the issue was duly considered by AO with due application of mind and a conscious decision was taken in the matter. To reopen the already concluded assessment on the same very issue would be nothing but review of the order and on mere change of opinion which is impermissible as per the decision in the case of CIT vs. Kelvinator of India Ltd. [ 2010 (1) TMI 11 - SUPREME COURT] . Therefore, impugned order could not be faulted with and we concur with the same. - ITA No. 1879/Chny/2018 - - - Dated:- 27-6-2023 - Hon ble Shri Mahavir Singh, VP And Hon ble Shri Manoj Kumar Aggarwal, AM For the Appellant : Shri R. Vijayaraghavan (Advocate)-Ld.AR For the Respondent : Shri D. Hema Bhupal (JCIT)- Ld. Sr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. In the case of PVS Beedis P Ltd vs. CIT reported in 237 ITR 13(SC), the Hon'ble Supreme court had held that change of opinion is valid in cases where the assessment is reopened by mere change of opinion. 5. Whenever, there is escapement of income by way of under assessment, assessment of tax at lesser rate, assessment based on wrong claim, excessive deduction allowed, the provisions of section 147 has to be invoked. As is evident, the revenue is aggrieved by quashing of reassessment proceedings in the impugned order. Having heard rival submissions and upon perusal of case records, the appeal is disposed-off as under. 2. The assessee being resident corporate assessee is stated to be engaged in assembling and sale of windmill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f land and advance for import of machinery. The AO after analysing the material has assessed part of the bad debts written off as not an admissible loss being capital in nature. The AO had picked up a single entry of Profit Loss Account for Rs. 641.77 Lacs and assessed a portion amounting to Rs. 204.26 Lacs which clearly establishes that AO had considered the matter, applied his mind and took a conscious decision to assess it. In assessment, generally an AO proceeds on the assumption that the accounts are correct and only discusses issue of expenditure not allowed. Hence, it would be incorrect to conclude that the issued was not considered by AO while completing the original assessment. It could thus be concluded that the action of AO was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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