2016 (3) TMI 831

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....urable Ms. Justice Harsha Devani ) 1. The appellant - revenue in this appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") has challenged the order dated 2nd February, 2015 made by the Income Tax Appellate Tribunal, Ahmedabad 'B Bench (hereinafter referred to as "the Tribunal") in ITA No.1957/Ahd/2011 by proposing the following question stated to be a s....

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.... Subsequently, the Assessing Officer reopened the assessment by issuing notice under section 148 of the Act on 22nd March, 2010. The reasons recorded for reopening the assessment read thus:- "The assessee has trading business in agriculture produces has shown shortage of 2.52% as against 0.0092% to 0.35% shown by other 5 parties in audit memo. This resulted in lower Sales and lower profits. The a....

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....y of the audit party and accordingly, directed that the reassessment proceedings be annulled. Revenue carried the matter in appeal before the Tribunal but did not succeed. 3. Heard Mr. Sudhir Mehta, learned senior standing counsel for the appellant and Mr. S.N. Divatia, learned advocate for the respondent. 4. As can be seen from the reasons recorded, all that is reflected therein is the opinion ....

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....n terms thereof. Thus, it is the satisfaction of the Assessing Officer which is necessary for reopening the assessment. In the present case, on a plain reading of the reasons recorded, it is evident that no such satisfaction has been recorded by the Assessing Officer. The Commissioner (Appeals), therefore, rightly came to the conclusion that this is a case of clear change of opinion based on conje....