Appeals challenging reassessment for 1999-2000 dismissed as valid. Counsel directed to accept notice.

The High Court dismissed the appeals challenging the reassessment proceedings for the assessment year 1999-2000, upholding the validity of the reassessment and determining it was not a case of change of opinion. The Court directed the Counsel to accept notice on behalf of the respondent and regularized the appearance of the Counsel representing the respondent, while dismissing all connected applications.

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Issues:
1. Validity of initiation of reassessment proceedings for assessment year 1999-2000.
2. Whether the initiation of reassessment proceedings was a clear case of change of opinion.
3. Whether the reassessment proceedings were based on information already available before the original assessment.

Analysis:

Issue 1: Validity of Reassessment Proceedings
The assessees challenged the common order passed by the Income Tax Appellate Tribunal, Kolkata, dated 12th September 2014. The main issue raised was regarding the initiation of reassessment proceedings for the assessment year 1999-2000. The Tribunal examined the validity of the initiation of proceedings for reassessment and whether they were barred by limitation. The Tribunal upheld the findings of the Commissioner of Income Tax (Appeals) against the assessees, noting that the issue of service of notice under Section 143(2) had already been decided against the assessees in a previous round of litigation.

Issue 2: Change of Opinion in Reassessment Proceedings
The Tribunal further examined whether the reassessment proceedings were a case of change of opinion. The Tribunal reviewed the factual position and legal arguments presented by the assessees. It was noted that the reassessment proceedings were initiated based on information available with the Assessing Officer at the time of the original assessment. The Tribunal affirmed the findings of the Commissioner of Income Tax (Appeals) that the reassessment proceedings were valid and not a case of change of opinion.

Issue 3: Reassessment Based on Available Information
The Tribunal considered whether the reassessment proceedings were based on information already available before the original assessment. The Tribunal analyzed the legal issues raised by the assessees and the arguments presented during the proceedings. It was observed that the reasons to believe recorded by the Assessing Officer were found to be bonafide and initiated based on specific information. The Tribunal concluded that the reassessment proceedings were valid on facts and dismissed the appeals, stating that no substantial questions of law arose for consideration.

In conclusion, the High Court dismissed the appeals challenging the reassessment proceedings for the assessment year 1999-2000, as the Tribunal found the reassessment proceedings to be valid and not a case of change of opinion. The Court also noted the absence of representation from the revenue side and directed the Counsel to accept notice on behalf of the respondent. The Court dismissed all connected applications along with the appeals and regularized the appearance of the Counsel representing the respondent.

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