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| The Tax Publishers2021 TaxPub(DT) 5003 (Asr-Trib) INCOME TAX ACT, 1961
Section 147
Information was available in the assessment record of assessee company for the assessment year 2010-11, which was subject matter of scrutiny assessment and on the basis of this information, assessment was completed and additions were made. The same information was admitted to be correct by AO in the reasons to reopen as it was matching with the information received from the Investigation Wing. Once the AO formed an opinion on the information available on record and framed assessment, then AO could not be permitted to change his opinion based on same information. Therefore, reassessment was quashed as invalid.
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Reassessment - Under section 147 - Change of opinion by AO on same information -
AO received information from investigation wing as to assessee having received bogus purchase bills from alleged entry providers. Accordingly, AO reopened assessment and made addition. Assessee challenged this. Held: Information was available in the assessment record of assessee company for the assessment year 2010-11, which was subject matter of scrutiny assessment and on the basis of this information, assessment was completed and additions were made. The same information was admitted to be correct by AO in the reasons to reopen as it was matching with the information received from the Investigation Wing. Once the AO formed an opinion on the information available on record and framed assessment, then AO could not be permitted to change his opinion based on same information. Further, AO at one point was saying that purchases were made for Rs. 4.26 crores and other point as against the figure given for Rs. 3.28 crores. This clearly showed non-application of mind by AO at the time of reopening the assessment. In view of all this, reopening was quashed as invalid.
Relied:CIT, Delhi v. Kelvinator of India Ltd.(2010) 187 Taxman 312 (SC) : 2010 TaxPub(DT) 1335 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
IN THE ITAT, AMRITSAR BENCH
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