Allowing the writ appeal the Court held that on the facts of the case the reopening of the assessment is a clear case of change of opinion and what is the AO purported to review the scrutiny assessment, which is impermissible under law. The Court also held that. The writ appeal is allowed and the order passed by this Court in is set aside and the writ petition is allowed and the order impugned in that writ petition is quashed. Saravana Stocks Investments (P) Ltd. vs. Dy. CIT (WP Nos. 30610 of 2012 and 30980 of 2014, dt. 12th July, 2021) set aside. (AY. 2005 -06)
Saravana Stocks Investments (P) Ltd. v. Dy. CIT (2021) 323 CTR 666 / 207 DTR 185 ( 2022) / 449 ITR 594(Mad.)(HC)Editorial: Decision of single judge , set aside , Saravana Stocks Investments Pvt. Ltd. v. ACIT (2022)449 ITR 589 (Mad)(HC)
S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts- Capital gains -Business income -Change of opinion-The Assessing Officer has to deal with objections if not satisfied should specifically state as to how the objections are unjustified-Reassessment notice was quashed. [S. 45, 148, Art. 226]