2021 (11) TMI 59

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....tioner, by its letter dated 15/04/2019, requested Respondents to provide copy of reasons. By Respondent's letter dated 14/10/2019 (almost 6 months later), Petitioner was provided with the reasons for reopening of assessment. The reasons read as under :-   "1. Assessee e-filed its return of income of A.Y.2012-13 on 28.09.2021 declaring loss at Rs. 9,64,40,929/-. The case was selected for scrutiny. Subsequently, assessment was completed u/s 143(3) of the Act accepting the returned income as assessed income of the assessee. 2. On perusal of records, it is seen that the assessee efiled its return of loss of Rs. 9,64,40,929/- after claiming deductions under section 36(1)(viia) of the Act of Rs. 39,54,111/- and under section 36(1)(vi....

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....ion of the Pr. Commissioner of Incometax- 1, Mumbai, regarding fitness of the case for issuing notice u/s 148 of the I.T. act, 1961 is hereby requested on the above mentioned reasons." 2. Therefore, the basis for reopening of assessment is that the Assessing Officer, in the balance-sheet of Petitioner, noticed that Petitioner has an opening credit balance of Rs. 30,67,40,535/- in Bad and Doubtful Debts reserve and therefore according to the Assessing Officer, Petitioner was not entitled to claim deduction under Section 36(1)(7) of Rs. 14,52,46,544/-. It is therefore plain and clear that the Assessing Officer has issued notice after considering the balance-sheet filed by assessee and it is, in our view, nothing but change of opinion. 3. In....