TaxTMI 
TaxTMI 
2015 (1) TMI 564
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....open assessment for the assessment year 2007-2008. 2. It is the petitioner's contention that the impugned notice is bad as it has been issued on a mere change of opinion and the order dated 20th November 2011 passed on the objections of the petitioner improves upon the reasons recorded as communicated to the petitioner and thus without jurisdiction. 3. The reasons furnished to the petitioner in support of the impugned notice are as under :- "On perusal of the records, it is seen that the assessee has long term capital gain (STT paid) of Rs. 4,382,895,897/- and long term capital loss (STT paid) of Rs. 3,91,12,611/- which was exempted u/sec. 10(38) and cannot be p....
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.... raised during the regular assessment proceedings on 6th November 2009 asking for all sources of income and the basis of its calculations. The same according to the petitioner was responded to and thereafter the assessment order in regular proceeding was passed. Thus there is a change of opinion; (b) reasons as recorded rely upon an audit query and that cannot be the basis of the impugned notice as it demonstrates non application of mind by the Assessing Officer to believe that income chargable to tax escaped assessment; and (c) the order rejects the petitioner's objections upon the ground that there was no application of mind by the Assessing Officer while passing the assessment order in regular ....
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....t order should contain discussion with regard to the issue raised but the petitioner should be able to show with evidence on record that during the assessment proceedings the very issue now raised was a subject of consideration during the process of passing an assessment order in regular proceedings. The next grievance of the petitioner that the impugned notice has been issued on the basis of Audit query and therefore is without jurisdiction does not appear to be correct. The reasons in support of the impugned notice do reflect an independent application of mind of the Assessing Officer. The reference to the audit query is only in support of the prima facie view arrived at by the Assessing Officer. So far as the last grievance of the petiti....