Allowing the petition the Court held that the reopening of assessment based on same material as was available during assessment, clearly mentioning to the tax audit report and the information available in the books of accounts of the assessee is bad in law. Notice and order disposing the objection is quashed. (AY. 2014-15)
Kalinga Institute of Industrial Technology v. CIT (2023) 330 CTR 579 / 221 DTR 387 (Orissa)(HC)
S. 147 : Reassessment-After the expiry of four years-Material already on the record-Referred in the Audit report-Reassessment notice and order disposing the objection is quashed.[S. 148, Art. 226