TaxTMI 
TaxTMI 
2023 (1) TMI 961
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.... to as 'the Act') relating to the Assessment Year (A.Y) 2009-10. 2. The brief facts of the case is that the assessee is a Private Limited Company engaged in the business of Civil Contractor, Infrastructure Development, Road etc. For the Assessment Year 2009-10, the assessee filed its Return of Income declaring Nil Income. The assessment was taken up for scrutiny assessment and regular assessment u/s. 143(3) dated 30.11.2011 was passed denying the claim of deduction u/s. 80IA(4) and determined the total income as Rs. 1,27,33,201-. 2.1. Thereafter the assessment was reopened by issuing a notice u/s. 148 of the Act on 27.08.2013 on the ground that the A.O. found the stock in the books of account as on 31.03.2009 was Rs. 15,00,000/- whereas i....
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....ring the original assessment proceedings had examined the issue of stock and found it in order. Later on, when the assessing officer reopened the assessment, on account of difference in stock statement submitted to the bank and that it has shown in the books of account, which is nothing but a "change of opinion" as held by the ITAT Indore Bench in the case of M/s. Kuber Lighting Pvt. Ltd. in ITA No. 529/Ind/2007 vide order dated 29.05.2009, in the case of Brij Builders & Promoters, Bhopal and Hon'ble Supreme Court judgment in the case of Marico Ltd. in SLP (CIVIL) Diary No. 7367/2020 dated 01.06.2020, thus held that the initiation of reassessment proceedings u/s. 147 of the Act is to be invalid in law. Thus the Ld. CIT(A) allowed the assess....
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....y of stock statement furnished in the bank to avail cash credit facility. Also mention the name and address of the bank. 5.1. And reply filed by the assessee vide letter dated 22.06.2011 at page no. 11 to 13 of the Paper Book, wherein copy of stock statement submitted by the assessee to the bank was furnished to the Assessing Officer. Thus the Ld. A.R. pleaded that during the original assessment proceedings, the Ld. A.O. verified particulars called for regarding the stock statement, the Assessing Officer satisfied with the reply filed by the assessee and no discrepancies is being found, thereby no addition is being made by the A.O. Thus reopening the assessment for the very same assessment year on the ground of deficit in stock is nothing ....
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....Officer on 25.09.2017 during the assessment proceedings which were responded to by the Assessee vide letters dated 10.10.2017 and 21.12.2017. After considering said responses, the assessment order was passed on 30.01.2018. Subsequently, by notice dated 27.03.2019 issued under Section 148 of the Income-Tax Act, the matter was sought to be re-opened. While accepting the challenge to the issuance of notice, the High Court in para 12 of its judgment observed as under: "12. Thus we find that the reasons in support of the impugned notice is the very issue in respect of which the Assessing Officer has raised the query dated 25 September 2017 during the assessment proceedings and the Petitioner had responded to the same by its letters dated 1....