Dismissing the appeal of the revenue the Court held that it appears that the reopening was clearly on account of change of opinion by the Assessing Officer and this is something which is not permissible under the scheme of the Act. Accordingly the order of Tribunal is affirmed. Followed Gujarat Power Corpn. Ltd. v. ACIT (2013) 350 ITR 266 (Guj)(HC). (AY. 2007-08)
PCIT v. Atul Ltd. (2020) 119 taxmann.com 286 (Guj.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Atul Ltd. (2020) 274 Taxman 230 (SC)
S. 147 : Reassessment-Change of opinion-Manufacturing business-Loss on sale of shares-Business loss or capital loss-Reassessment was quashed on the ground of change of opinion. [S. 28(i), 45, 148]