TaxTMI 
TaxTMI 
2019 (11) TMI 464
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....ircumstance of the case and in law, the Tribunal was justified in quashing the reopening of assessment holding that the assessment has been reopened on the basis of 'change of opinion' and affirming the order of the CIT(A)?" 3. The Respondent is engaged in the business of manufacture of Polyester and Texturised / Twisted Yarn and Management Consultancy. For the subject Assessment Year, the Respondent filed its return of income on 29th November, 2006. The Assessing Officer completed the assessment on 24th November, 2008 under Section 143(3) of the Act, accepting 'Nil' return of income which was filed by the Respondent. 4. Thereafter, on 28th March, 2011, a notice issued under Section 148 of the Act to the Respondent, seeking to re-open the....
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....he Act, issue of Respondent's one time settlement with Bank and consequential relief granted by the bank was discussed and deliberated by the Assessing Officer. In fact, the queries raised by the Assessing Officer with regard to one time settlement and the Respondent by its communication dated 11th November, 2008 responded with complete details of one time settlement with its bankers, including the details of relief/ waiver obtained. The CIT(A) held the settlements to the extent of Rs. 2.06 Crores as Revenue's receipt, as reflected in Profit & Loss Account and the fact that the amount of Rs. 1.37 Crores was transferred to the capital account was deliberated upon by the Assessing Officer before passing an order dated 24th November, 2008 unde....
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....urisdiction. 8. Mr. Walve, learned Counsel appearing for the Revenue submits that, the issue of one time settlement finds no mention in the assessment order dated 24th November, 2008 passed under Section 143(3) of the Act. Thus, no opinion was formed by the Assessing Officer, while passing the regular assessment order. Therefore, there was no bar in him in issuing the re-opening notice. It is, thus, submitted that, the issue requires consideration and the Appeal be admitted. 9. We find that both the CIT(A) and the Tribunal have found on facts that during the regular assessment proceedings, the Assessing Officer had occasion to consider the one time settlement by the Petitioner with its bankers. It found that during the scrutiny assessment....