2022 (1) TMI 900

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.... records of the Petitioner's case and after examining the legality and validity thereof, quash and set aside the impugned notice dated 30th March, 2019 (Exhibit "G") issued by Respondent No.1 section section 148 of the Act to reopen the assessment for the assessment year 2012-13 as well as the impugned order dated 19th November, 2019 (Exhibit "K") rejecting the Petitioner's objections for the assessment year 2012-13." 2. Petitioner had filed its return of income for AY 2012-13 on 28 September, 2012, declaring loss of Rs. 1,34,38,07,555/-. Thereafter, Petitioner filed revised return of income on 19 March, 2014, declaring a loss of Rs. 1,33,61,85,017/-. Assessment was completed by passing order on 31 March, 2015 under section 143 (3), determ....

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....en the assessment based on the very same material with a view to take another view. 4. Even the reasons clearly indicate that it is change of opinion and the person, who has provided the reasons and the Assessing Officer, who proposed to reopen is only attempting to review the matter. We say this, as it is quite evident from paragraphs 4, 5 and 6 of the reasons, which read as under : "4. Enquiries made by the AO as sequel to information collected / received : Based on the above, the Computation of income, the annual financial statements and records have been perused. It is seen that a claim of additional depreciation has been made amounting to Rs. 24,59,58,375/- and claim of depreciation on licenses has been made at the rate of 60%. ....

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....larifications to the Assessing Officer. It is a well laid down principle that the re-assessment proceedings initiated merely on the basis of the audit objections are illegal and not valid in law and as such re-assessment proceedings have been repeatedly again quashed and set aside by the Courts. As held in : (i) Indian and Eastern Newspaper Society v/s. CIT (1979) 119 ITR 996 (SC) : "AO having allowed assessee's claim for depreciation in the regular assessment and reopened the assessment pursuant to audit objection, it cannot be said that he had formed his own opinion that the income had escaped assessment, and the reopening being based on mere change of opinion, same was not valid." (ii) ICICI Home Finance Co. Ltd., v.s. ACIT (2012) ....