Dismissing the petition the Court held that the returns of Nitin Sabharwal\u00a0 for the two assessment years were accepted as such and intimations were sent to him under section\u00a0143(1). Consequently, there was no occasion for the Assessing Officer to form any opinion in the first place. Therefore, there was no question of change of opinion in his cases as far as the notice under section\u00a0147\u00a0\/\u00a0148\u00a0was concerned. The notice of reassessment was valid. In the case of Chetan Sabharwal the original assessment orders for both the assessment years under section\u00a0143(3)\u00a0of the Act did not give any indication on the Assessing Officer having formed any opinion whatsoever on the basis of which the reopening had been ordered. The notice of reassessment was valid. (AY. 2008-09, 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment\u2013With in four years-Report of investigation wing showing over valuation of shares\u2013Original assessment u\/s. 143(1)\u2013Notice on the ground of over valuation shares is held to be valid. [S. 143(1), 143(3), 148]<\/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":[1],"tags":[],"class_list":["post-8279","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-29x","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8279","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=8279"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8279\/revisions"}],"predecessor-version":[{"id":8280,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8279\/revisions\/8280"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}