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TMI Blog2025 (3) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... sought to reopen the assessment from the material already produced on record, meaning thereby, while issuing and recording of reasons, the AO was not having any new and / or tangible material in his possession. Thus, according to us, the assessment sought to be reopened on the material which was already available can be said to be change of opinion and the same is impermissible in the eye of law. Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... id notice dated 27th March 2021 is not tenable in the eye of law. Mr. Soparkar submitted that referring to the reasons recorded, the reassessment is sought mere on change of opinion as during the regular course of assessment under Section 143(3) of the Act, the complete details with regard to Chapter VI-A were submitted before the authority and after verifying the same, the then Assessing Officer has framed assessment under Section 143(3) of the Act, thus, the present notice based on the reasons recorded is nothing, but a change of opinion and the same is not permissible in the eye of law. [5.3] Learned advocate Mr. Soparkar further submitted that the petitioner has to disclose fully and truly all material facts on record, hence, the impugned notice issued beyond the period of four years from the end of assessment year is not tenable. He has placed heavy reliance on the decision of the Hon'ble Bombay High Court in the case of Tahnee Heights CHS Ltd. vs. Income-tax Officer reported in [2023] 147 taxmann.com 335 (Bombay). [6] By making above submissions, learned advocate Mr. Soparkar requested this Court to allow the present petitioner as prayed for. [7] Per contra, learned advoca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) of I.T. Act. Subsequently, assessment us. 143(3) of I.T. Act has been finalized on 16/05/2016 determining income of the assessee at Rs. 14,905/-. 2. This Office is in possession of the information from the records available the Office along with the material. On perusal of the available records it in off that the assesses had offered income of Rs. Nil after claiming deduction u/s. 80P(2) amounting to Rs 1,29,78,298/- which includes Rs 21,87,519/- earned as Co operative Bank FD interest and the same was allowed during assessment. However, on going through the computation of income, it was noticed that the assessee had claimed and was allowed deduction of Rs. 21,87,519/- u/s. 80P(2)(d) which was irregular. This has resulted into under assessment of income of Rs. 6,75,943/-. 3. On verification of the available records, it is seen that the assessee had claimed and was allowed deduction of Rs. 21,87,519/- u/s. 80P(2)(d) which was regular. This has resulted into underassessment of income of Rs 6,75,943/-. 4. A perusal and analysis of the information collected material available shows that income has escaped assessment and there no need for further enquiries u/s. 133(6) to estab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ligence, accordingly attracting provisions of Explanation 1 of section 14 the Act. It is evident from the above discussion that in this case, the issues under consideration were never examined by the AO during the course of regular assessment. It is important highlight were that material facts relevant for the assessment on the issue under may be embedded in annual report, audited P&L A/C, balance sheet and books of account in such a manner that it would require due diligence by the AO to extract these information. For afore stated reasons it is not a case of change of opinion by the AO. In this case more than our years have lapsed from the end of assessment year under consideration. Hence necessary/ sanction to issue notice u/s. 148 is to be obtained separately from Principal Commissioner of Income Tax as per the provisions of section 151 of the Act. 3. In view of the above, you may submit your response with supporting documents (if any) on the above mentioned issues to undersigned electronically in 'E-proceedings facility through your account in e-Filing website(www. incometaxindiaefiling.gov.in) at your convenience on or before 02/06/2021. 4. In course of assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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