The Assessing Officer issued a notice, dated May 24, 2022, under section\u00a0148A(b)\u00a0and the assessee filed a reply as required under section\u00a0148A(c)\u00a0submitting that it did not sell any immovable property during the assessment year 2017-18 and therefore, no long-term capital gains arose also clarified that it had purchased an immovable property. On examination of the transactions and considering the assessee\u2019s submissions an order dated July 30, 2022 was passed under section\u00a0148A(d)\u00a0concluding that the reassessment proceedings under section\u00a0147\u00a0could be dropped. On the same date, the Revenue issued a corrigendum against the original order passed under section\u00a0148A(d)\u00a0allowing the continuation of reassessment proceedings by issuing a notice under section\u00a0148\u00a0which had originally been dropped. On a writ petition \u00a0allowing the petition, that \u00a0the Court held that the proceedings were firstly closed by the Revenue by an order, dated July 30, 2022, under section\u00a0148A(d)\u00a0upon being satisfied after examining the audited final accounts filed by the assessee indicating that there was no immovable property held by the petitioner as on April 1, 2016 relevant to the assessment year 2017-18 and therefore, there was no sale undertaken by it. On the same day itself, hours after terminating the proceedings, the Revenue had issued a corrigendum to initiate the reassessment proceedings under section\u00a0147, without any new material which warranted reopening the assessment. From the two notices it would crystallize that the corrigendum had been issued merely on the basis of a change of opinion as two different conclusions had been drawn on the basis of same material, i. e., audited final accounts of the assessee. The Assessing Officer had apparently reviewed his own decision, which was not permissible. Therefore, the notice issued under section\u00a0148\u00a0via corrigendum to the order, dated July 30, 2022, under section\u00a0148A(d)\u00a0and the consequential reassessment proceedings under section\u00a0147\u00a0were unsustainable and hence quashed. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-After the expiry of four years-Audit objections-Non-existence of tangible material-Order passed dropping the proceedings-Subsequent corrigendum to order under Section 148A(d) for issue of notice-Change of opinion-Review same material impermissible-Notice via corrigendum to order and consequent reassessment proceedings unsustainable.[S. 147, 148, 148A(b), 148A(c), 148A(d), Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-48594","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cDM","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=48594"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48594\/revisions"}],"predecessor-version":[{"id":48595,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48594\/revisions\/48595"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}