Allowing the petition the Court held that except for referring to the information available on the Insight Portal with regard to high value cash deposits, there was no independent application of mind by the Assessing Officer to such information for recording satisfaction to reopen the assessment under section 147. The reopening of the assessment was merely on a change of opinion of the Assessing Officer. Therefore, the notice issued under section 148 was without jurisdiction and accordingly quashed. Consequent proceedings were also quashed. (AY.2017-18)
Gandhibag Sahakari Bank Ltd. v. Dy. CIT (2023) 458 ITR 157 /156 taxmann.com 221 (Bom.)(HC)
S. 147 : Reassessment-With in four years-Borrowed satisfaction-change of opinion-Notice without jurisdiction-Notice and order disposing the objection is quashed-Writ can be entertained on judicial aspect. [S. 2(40) 142(1), 143(2), 148, Art. 226]