The assessment was completed u/s 143(3) of the Act. Notice was issued u/s. 148 of the Act on 27-3-2019, after expiry of four years. Recorded reasons stated that basis of re-opening is due to mistake of the Assessing Officer that resulted in under assessment. The objection of the assessee was rejected. On writ allowing the petition the Court held that the Hon’ble Apex Court in Indian & Eastern Newspaper Society v. CIT (1979) 119 ITR 996 (SC) has held that an error discovered on a reconsideration of the same material (and no more) does not give power to the Assessing Officer to re-open the assessment. Referred Dell India (P) Ltd v. JCIT (2021) 432 ITR 212 (FB) (Karn)(HC). Reassessment notice and order disposal of objection was quashed. (WP. No. 3363 of 2019, dt.22-12121) (AY. 2012-2013)
CEAT Ltd. v. ACIT (2023) 291 Taxman 366 (Bom.)(HC) Editorial: SLP of Revenue dismissed , ACIT v. CEAT Ltd ( 2022) 449 ITR 171 ( SC)
S. 147 : Reassessment-After the expiry of four years-Change of opinion-No failure to disclose material facts-Mistake of Assessing Officer-Error discovered reconsideration of same facts does not give power to the Assessing Officer to reopen the assessment-Reassessment notice and order disposal of objection was quashed. [S. 148, Art. 226]