Dismissing the appeal of the Revenue the Court held that once a proceeding under section 154 was dropped on objection raised by assessee, it was not open to revenue to initiate proceedings under section 148 of the Act. Since all material facts were disclosed before Assessing Officer at time of original assessment, it was not open to him to open a concluded assessment merely on basis of change of opinion. (AY. 1998-99)
Mallikarjuna Rice Industries v. ITO (2023)458 ITR 566/ 293 Taxman 400 (Telangana) (HC)
S. 147 : Reassessment-With in four years-Change of opinion-Deductions on actual payment-Outstanding Rural Development (RD) cess amount as a liability in balance sheet-Rectification proceeding was dropped-All material facts were disclosed before Assessing Officer at time of original assessment-Affirming the order of the Tribunal the Court held that the reassessment is bad in law. [S. 43B, 143(3), 148, 154]