2021 (7) TMI 612

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....ng addition of Rs. 3,07,500/-. 3. Facts of the case are that the assessee is an individual and derives income from sale of petrol, diesel and lubricant. She filed her return of income for the assessment year 2009-2010 showing total income at Rs. 2,84,100/-. The Assessing Officer completed the assessment u/s. 143(3) of the Act on 29.12.2011 determining the total income at Rs. 6,96,160/-, inter alia, making addition of Rs. 1,02,000/- on account of suppression of rental income, Rs. 10,098/- on account of disallowance of expenditure and Rs. 2,99,961/- on account of undisclosed income. Thereafter, the Assessing Officer issued notice u/s. 148 of the Act on 27.8.2013 for reopening of assessment under section 147 of the Act, inter alia, recordin....

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....essee produced all the books of account, bank account, sales and purchase register, VAT return copies, cash book, ledger and vouchers and after duly verification and examination of the same, the AO completed the assessment u/s. 143(3) of the Act on 29.12.2011 and, therefore, there was necessity to issue notice u/s. 148 of the Act for reopening the completed assessment. Ld. A.R. submitted that the reopening of the assessment is mere a change of opinion by the AO. The reassessment was made on the basis same set of facts and law. When all the records alongwith books of account and other subsidiary books were produced before the AO during the original assessment proceedings, then the AO should not have any reason to believe that income has esca....

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....ns specified in the first proviso to sec. 147 are complied with before initiating the reassessment proceedings. However, the AO has failed to show that there was failure on the part of the assessee to disclose fully and truly all material facts. Hence, the reassessment proceeding under section 147 has not been validly initiated because the same has been initiated merely on a change of opinion without any fresh material coming into the possession of the AO. I also observed that while completing the original assessment, the AO has made enquiries and in response to his requirement, the assessee furnished all documents and evidence in her possession. Thus, I notice that the assessing officer has applied his mind on the impugned issues and has t....