2021 (11) TMI 58

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....ue urges the following questions of law for our consideration: A. Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was right in holding that the reassessment made under section 143 read with section 147 of the Act was bad in law and reopening was only on account of mere change of opinion when there was no discussion on the issue in the original assessment order ? B. Whether on the facts and circumstances of the case, and in law the Hon'ble ITAT was right in holding that the reassessment made under Section 143 read with Section 147 of the Act was bad in law and reopening was only on account of mere change of opinion when there is new information in the form of audit objection in....

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....ite-off of the loan on OTS as bad debts and the writ back by assessee was to be treated as income. Therefore, I have reasons to believe that income to the extent of Rs. 30.07 crores has escaped assessment within the meaning of Section 147 of the Act." 5. The assessee by letter dated 1/1/2013 submitted its objections to the reopening of assessment stating that there is no escapement of income by the assessee and it had furnished all the information in the course of assessment proceedings in respect of waiver of loan by the bank on One Time Settlement as required by the Assessing Officer and therefore reopening of assessment was merely a change of opinion and there was no tangible material which justified Assessing Officer to reopen the as....

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....143 (3) of the Act. Thus no opinion was formed by the Assessing Officer while passing original assessment order. Therefore there was no bar in issuing notice for reopening of assessment. He therefore submitted that the substantial questions of law as proposed arise for consideration in the present appeal. 9. It is now well settled that the power of Assessing Officer to reopen the assessment is not subject to the limitation provided in Section 147 of the Act viz., failure on the part of assessee to truly and fully disclose all material facts necessary for assessment. In the result even where the assessee had disclosed all facts fully and truly for the purpose of assessment, the Assessing Officer will have jurisdiction to reopen the reasse....