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TMI Blog2023 (10) TMI 136X X X X Extracts X X X X X X X X Extracts X X X X ..... Standing Counsel Ms. Maithili Mehta waives service of notice of rule for and on behalf of the respondent No. 1. 2. With the consent of learned advocates for both the sides, we have taken up this matter for final hearing. 3. By way of this petition under Article 226 of the Constitution of India, the petitioner has prayed for quashing and setting aside the order dated 9th November, 2021 by which the objections raised by the petitioner were disposed of. The petitioner has also prayed for setting aside the impugned notice issued on 31st March, 2021 under Section 148 of the Income Tax Act, 1961 (for short 'the Act, 1961'). 4. The facts in brief are as under : 4.1. The petitioner Company filed it's original return of income for the Assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rkar, learned advocate for the petitioner would essentially challenge the notice as well as the order on four grounds. Firstly, Mr. Soparkar, learned advocate would submit that the impugned notice is bad as the re-opening is beyond a period of four years from the end of the Assessment Year. The reasons themselves record that they are based on the submissions made and that there is infact no failure to disclose such information and therefore the action is hit by the proviso to Section 147 of the Act, 1961. 6. The second argument of Mr. Soparkar, learned advocate would be on the concept of change of opinion. Reading the annexure to the impugned notice, Mr. Soparkar, learned advocate would submit that the information which is elicited by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e requisite materials as noted in the reasons were embedded in such a manner that material evidence would not be discovered by the Assessing Officer and could have been discovered with due diligence and therefore, the provisions for Explanation-1 of Section 147 of the Act, 1961 would attract. 8. Having considered the submissions made by the learned counsels for the respective parties on reading the reasons recorded it is evident that it was for the Assessment Year 2014-15 and while recording the brief details of the assessment that fact is taken note of. Admittedly therefore, it is a case where the assessment or exercise of re-opening the assessment is beyond the period of four years and therefore, the petitioner would succeed only on this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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