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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 ..... ed by the respondent - Revenue under Section 148 of the Income Tax Act, 1961 (for short, "the Act") dated 27th March 2021, thereby the reassessment sought to be initiated for the Assessment Year 2014- 15. [2] The brief facts of the case can be stated as under: [2.1] The petitioner is a cooperative society registered under the Co-operative Societies Act. The petitioner filed its original return of income for the Assessment Year 2014-15 on 25th November 2014 declaring total income at Rs. Nil. The case of the petitioner was then processed and also selected for scrutiny. A detailed scrutiny was undertaken. A notice under Section 142(1) of the Act dated 8th April 2016 was issued asking specific details relating to deduction claimed under Chapt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assailing the impugned notice, has mainly made the following submissions: [5.1] Learned advocate Mr. Soparkar, at the outset, submitted that notice under Section 148 of the Act is ex facie illegal and without jurisdiction being issued admittedly beyond the period of limitation prescribed under statute. He, therefore, requested this Court to allow this petition on this count alone. [5.2] Learned advocate Mr. Soparkar, without prejudice to the aforesaid, vehemently submitted that even on merits, the said 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rms of filing appeal before the Commissioner of Income Tax (Appeals) and thereafter, before the Income Tax Appellate Tribunal. Under the circumstances, learned advocate Mr. Trivedi has requested this Court to dismiss this petition. [7.2] Learned advocate Mr. Trivedi vehemently submitted that the present case as canvassed by the assessee as change of opinion would not fall within the category of change of opinion. He has placed heavy reliance on the decision of Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd vs. Assistant Commissioner of Income-tax reported in [2022] 140 taxmann.com 602 (Gujarat). [8] By making above submissions, learned advocate Mr. Trivedi has requested to this Court to dismiss the present petition. [9] We have hea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P(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 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e chargeable to tax has escaped assessment. It is evident from the above facts that the assessee had not truly and fully disclosed material facts necessary for his assessment for the year under consideration thereby necessitating reopening u/s. 147 of the Act It is true that the assessee has filed a copy of annual report and audited P&L A/c and balance sheet along with return of income where various information material were disclosed. However, the requisite full and true disclosure of all material facts necessary for assessment has not been made as noted above. It is pertinent to mention here that even though the assessee has produced books of accounts, annual report, audited P&L A/c and balance sheet or other evidence as mentioned abo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t may be issued subsequently. 5. A brief note on E- Proceeding is enclosed for your kind reference. In case you require assistance in filing your response, you may contact toll free Call Centre number 1800 103 4285." [12] On bare perusal of the aforesaid reasons, it emerges that the Revenue has relied upon the information which was already available on record. In our considered opinion, therefore, the reasons so recorded is not based on any new or tangible material. We also noticed that the Revenue has merely re-verified its record pertaining to the case of the assessee. [13] Keeping in mind the aforesaid, if we perused the reply of the assessee which was filed at the time of framing of assessment under Section 143(3) of the act, the en ..... X X X X Extracts X X X X X X X X Extracts X X X X
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