2023 (11) TMI 37

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....S) No. 1 : Mr B S Soparkar (6851)   For the Respondent(S) No. 1 : Mr. Varun K. Patel (3802)   ORAL ORDER (PER : HONOURABLE MR. JUSTICE BIREN VAISHNAV) 1. Rule. Mr. Varun Patel, learned advocate appearing for respondent revenue waives service of notice of rule. With the consent of learned advocates for the parties, matter is taken up for final hearing today. 2. By way of this petit....

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....t dated 25.03.2019 reopening the assessment for the A.Y. 2012-13. Reasons for reopening were also supplied to the Petitioner on 10.04.2019. The petitioner vide letters dated 06.06.2019 raised various objections, on merits and on law and requested the respondent to drop the reassessment proceedings. Thereafter, vide order dated 05.10.2019, the respondent disposed of the objections and rejected the ....

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....no new tangible material. 4.2 Mr. Soparkar would submit that the reasons to believe were factually incorrect as the Assessing Officer had not noticed that the petitioner had carried forward MAT credit of the amalgamating credit of the company as well. 5. Mr. Varun Patel, learned Senior Standing Counsel for the revenue would submit that the challenge is to the notice and the reasons to believe. R....

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....the reasons were factually incorrect. 7. Evidently, the assessment year in question was assessment year 2012-13. Regular assessment u/s 143(3) was finalised on 23.03.2016. Four years had gone by from the end of the relevant period as the notice is dated 25.03.2019. Reading the assessment order under section 143(3) read with Section 144C indicates thus: "8. Assessed u/s 143(3) r.w.s. 144C of the....