TaxTMI 
TaxTMI 
2017 (1) TMI 1498
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....ing u/s 147. As the legal ground take taken by the assessee goes to the very root of the matter, we take up the same first. 2. Briefly stated, the assessee was a resident corporate assessee who was assessed for impugned AY u/s 143(3) by Assessing Officer [AO] order dated 23/12/2008 wherein total income was determined at Rs. 27,754/-. Subsequently, upon receipt of certain information regarding accommodation entries / bogus bills from investigation wing of the Income Tax Department, the assessee was saddled with reassessment proceedings by issuance of notice u/s 148 dated 28/03/2012 wherein reasons for reopening were stated as follows:- "On verification of records, it is seen that the company has received Rs. 13,00,000/- from M/s ....
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....ying upon information of third persons and / or mere change of opinion. But, AO rejected the same vide its order date 01/11/2012 on the ground that reopening was triggered on the basis of specific information received which constituted fresh tangible material so as to justify re-opening. Thereafter, AO completed re-assessment u/s 143(3) 'read with section' 147 on 05/03/2013 after making impugned addition of Rs. 28.00 Lacs. The reassessment was challenged without success before Ld. CIT(A) by raising similar contentions. Aggrieved, the assessee is in appeal before us and assailed the reopening primarily on legal ground. 3. The Ld. Counsel for Assessee [AR], while placing various documents in the paper-book, contended that the original asse....
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....t proceedings and hence, reopening is justified. 4. We have heard rival contentions and perused material available on record. First of all it is observed that the assessee has changed its name from 'Infinite E Solutions Private Limited' to 'Enrich Enterprises Private Limited' vide 'fresh certificate of incorporation consequent upon change of name' dated 13/12/2006 issued by Registrar of Companies, Maharashtra. Proceeding further, some undisputed facts are that the assessment year in question is 2006-07 which has been subjected to scrutiny assessment u/s 143(3). The notice has been issued on 28/03/2012 which is clearly beyond 4 years from the end of relevant AY and therefore, the first proviso to Section 147 gets attracted in this case wh....
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....ded the assessment. The above facts show that the assessee has disclosed all material facts at relevant places during original assessment proceedings u/s 143(3) of the Act. The AO himself asked for specific questions and full details were supplied by the assessee. AO examined these documents and framed the assessment only after proper application of mind. There was no failure on the part of the assessee to fully and truly disclose all the material facts. Thus, reassessment is being sought by the AO on mere change of opinion and apparently on the basis of information received from the investigation wing but nevertheless, all the information was available before AO during original proceedings. At this juncture, the following observation of th....