https://www.taxtmi.com/highlights?id=62260 Reassessment order u/s 147 - the AO does not enjoy the power of review. Therefore in the present case it is clear that the action of the present AO tantamount to review the action of the earlier AO who has accepted the valuation of stock in his scrutiny assessment u/s 143(3) of the Act. Therefore, the present AO lacks jurisdiction u/s 147 of the Act to reopen the completed assessment u/s 143(3) of the Act merely on “change of opinion”. - AT en-us Thu, 03 Mar 2022 11:29:02 +0530 Thu, 03 Mar 2022 11:29:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=62260 Reassessment order u/s 147 - the AO does not enjoy the power of review. Therefore in the present case it is clear that the action of the present AO tantamount to review the action of the earlier AO who has accepted the valuation of stock in his scrutiny assessment u/s 143(3) of the Act. Therefore, the present AO lacks jurisdiction u/s 147 of the Act to reopen the completed assessment u/s 143(3) of the Act merely on “change of opinion”. - AT Highlights Income Tax Thu, 03 Mar 2022 11:29:02 +0530 https://www.taxtmi.com/highlights?id=62260