2024 (3) TMI 39

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....ion 148A of the Income Tax Act 1961 (for short, 'the Act'), whereby on the basis of the revenue audit objection the Assessing Officer has decided to re-open the assessment in the case of the petitioner for the Assessment Year 2016-17, as in the estimation of the Assessing Officer the income chargeable to tax to the tune of Rs. 1,60,39,464/- has escaped assessment for the Assessment Year 2016-17 and therefore it has been decided to issue notice to the petitioner under Section 148 of the Act directing the petitioner to furnish a fresh return within a period of 30 days from the date of the notice. 2. The petitioner is a Trust registered under Section 12A of the Act and filed returns for the Assessment Year 2016- 17 on 15.10.2016 declaring '....

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....e under Section 148A(b) has been issued to the petitioner. It was also said on behalf of the petitioner that the petitioner had already furnished all the information required for completion of the assessment under Section 143(3) of the Act. Therefore, the notice issued under Section 148A(b) of the Act was merely a change of opinion which would not warrant re-opening of the assessment completed. 2.3 The Assessing Officer, vide impugned order, disposed of the objection filed by the petitioner. The Assessing Officer placed reliance on clause (ii) of Explanation 1 to Section 148 of the Act which provides that any audit objection to the effect that the assessment in the case of the assessee for the relevant assessment year has not been made i....

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....topher Abraham, learned Standing Counsel for the Income Tax Department has submitted that with effect from 01.04.2022, Section 148 has been amended and clause (ii) of Explanation 1 has been inserted which provides that any audit objection to the effect that the assessment in the case of an assessee for the relevant assessment year has not been made in accordance with the provisions of the Act would be a ground for re-opening of the assessment. He, therefore, submits that the impugned order, recording the satisfaction for re-opening of the assessment in the case of the petitioner, is perfectly in accordance with the statutory prescription as provided under Clause (ii) of Explanation 1 of Section 148. Therefore, there is no error of law or ju....