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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 ..... could have been discovered with due diligence and therefore, the provisions for Explanation-1 of Section 147 would attract. 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 ground. Even otherwise, on the submission of the concept of change of opinion having considered the fact that for the very issue, when a notice under Section 142(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 48 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 Year 2014-2015 on 25th November, 2014 declaring a total loss of Rs. 592,36,08,345/-. The petitioner-Company was selected for scrutiny and questionnaires were issued to which the petitioner had replied. To the specific question which related to the issue of exchange rate difference in response to the notice dated 30th October, 2017, the petitioner provided details vide reply dated 13th November, 2017. Pursuant to the response, assessment order was passed on 4th January, 2018 determining total income at loss of Rs. 512,04,70,844/-. Being aggrieved, the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 authority as it is evident from reading the annexure would indicate that it is based on the very submission of the assessee dated 13th November, 2017. Taking the Court to the submissions filed pursuant to the information sought for by the respondents in response to the notice under Section 142(1) of the Act, 1961, initially Mr. Soparkar, learned advocate would invite the Court s attention to the notice dated 30th October, 2017 which also had the issue relating to the exchange rate difference and the net exchange rate difference which was part of the no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ote 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 ground. 9. Even otherwise, on the submission of the concept of change of opinion having considered the fact that for the very issue, when a notice under Section 142(1) of the Act, 1961 was given to the petitioner to which the petitioner responded on 13th November, 2017 and that very submission was the basis to have triggered the reassessment exercise, it is clearly an exercise which would tantamount to have undertaken on the basis of change of opinion. In light of the decision in case of Commissioner of Income Tax versus Kelvinator of India ..... X X X X Extracts X X X X X X X X Extracts X X X X
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