2022 (3) TMI 1042

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....ioner. Mr. Suresh Kumar for the Respondents. P.C. 1] Petitioner is impugning notice dated 27.03.2021 issued under section 148 of the Income Tax Act, 1961 (the said Act) for assessment year 2017-18, whereby it is asserted that there are reasons to believe that the petitioner's income chargeable to tax has escaped assessment within the meaning of section 147 of the said Act. 2] Though th....

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....sessing Officer further states that "it is found from the return and details available on record that the assessee's income chargeable to tax has been under assessed because the assessee had made provision under head year end identified provision for expenses of Rs. 1,52,58,179/- and debited to Profit and Loss account during the year". According to Assessing Officer, the provision was not allowabl....

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....sidered the submissions of petitioner and has passed the assessment order dated 27.12.2019. In the assessment order, in fact, there is also a reference made to the notice dated 15.11.2019 and that petitioner has responded to the same with details from time to time. Therefore, this has been subject of consideration during assessment proceedings. 7] Shri. Suresh Kumar made valiant attempts to sus....

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....essment proceedings. It would therefore, follow that reopening of assessment by the impugned notice dated 27.3.2021 is merely on the basis of change of opinion of the Assessing Officer from that held earlier during the course of assessment proceedings leading to the assessment order dated 27.12.2019. This change of opinion does not constitute justification and/or reasons to believe that income cha....