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TMI Blog2023 (7) TMI 1213X X X X Extracts X X X X X X X X Extracts X X X X ..... ere related to transport contracts for transporting gypsum and cement to the companies. Upon careful examination of the documents and details provided by the assessee along with the IT statement, the AO completed the assessment u/s 143(3). Assessment order explicitly stated that the AO had examined all the documents and details submitted by the assessee and accepted the income returned. Thus, it is evident from the assessment order that the AO had already scrutinized the expenses claimed by the assessee during the original assessment. While so, reopening the assessment solely on the basis of an audit objection amounts to a clear case of change of opinion, as observed by the Tribunal. Reopening the assessment by AO without any subst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law the Tribunal was right in holding that the reopening of assessment under Section 147 is only change of opinion on the basis of factual error pointed out by the Internal Party is not valid? 3. The issue on hand pertains to reopening of assessment for the Assessment Year 2014-2015. The Assessing Officer initiated reopening proceedings under Section 147 by issuing a notice under Section 148, alleging that the assessee firm had not deducted TDS as required under Section 194(C) on the entire hire charges of Rs. 14,78,95,505/-. The Assessing Officer disallowed 30% of the charges, amounting to Rs. 4,43,68,652/- under Section 40(a)(ia) and has completed the reopened assessment on 30.12.2019. 4. The assessee, being aggrieved by the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer sought an explanation from the assessee regarding the substantial expenses claimed under the category other expenses in the Profit and Loss account. In response, the assessee's authorized representative submitted a letter stating that the expenses were related to transport contracts for transporting gypsum and cement to the companies. It was further explained that the expenses were included under the head other expenses due to the absence of a separate column for such expenditures in the returns. Upon careful examination of the documents and details provided by the assessee along with the IT statement, the Assessing Officer completed the assessment under Section 143(3) of the Income Tax Act on 26.10.2016. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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