2022 (1) TMI 377

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.... Assessment Order and notice of demand, the same was passed without waiting for the mandatory period of 4 weeks prescribed in the Judgment of this Court in the case of Asian Paints Ltd. v/s. Deputy Commissioner of Income Tax 296 ITR 90 (Bom). The Officer Mr. Arvind Ramchandra Kumbhare who has passed the Assessment Order has filed an Affidavit dated 01/12/2021 stating that he was not aware about the Asian Paints Judgment and hence passed the order before expiry of the mandatory period of 4 weeks. The Affidavit is taken on record and the apology tendered by Mr. Kumbhare is accepted. In view of this, Mr. Walve states that the Assessment Order and notice of demand dated 09/12/2019 be considered as withdrawn. 2. Now what remains to be conside....

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....n assessment merely on the basis of change of opinion. But in the reasons to believe in the present case, we do not find even a single ground which can be considered to be tangible basis for re-opening the assessment or conclude that there has been failure to disclose any material fact. The Assessing Officer states that from the partnership deed, audited accounts and Form No.3CD report, it is seen that that the Assessee has 15 partners, one of whom is Dhansukh Nanda HUF. According to the Assessing Officer, an HUF cannot become a partner of a firm or enter into a contract with other person and hence the Assessee has not complied with the provisions of Section 184 of the Act and the amount of Rs. 89,24,703/- and remuneration of Rs. 60,00,000/....