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BHARGAV D. KARIA, NIRAL R. MEHTA
Adani Power Limited – Appellant
Versus
Assistant Commissioner of Income Tax, Circle 1(1)(1), Ahmedabad – Respondent
JUDGMENT :
Bhargav D. Karia, J.
1. Heard learned advocate Mr. B.S. Soparkar for the petitioner and learned Senior Standing Counsel Ms. Maithili D. Mehta for the respondent.
2. Having regard to the issue involved which is in a very narrow compass, with the consent of learned advocates for the respective parties, the matter is taken up for hearing.
3. Rule returnable forthwith. Learned Senior Standing Counsel Ms. Maithili D. Mehta waives service of notice of rule on behalf of the respondent.
4. By this petition under Article 226 of the Constitution of India, the petitioner has prayed for quashing and setting aside the notice issued under section 148 of the Income Tax Act, 1961 (For short “the Act”) dated 31.03.2021 for Assessment Year 2014-2015.
5. Brief facts of the case are that the assessee company is engaged in developing, operating, maintenance of power projects and sale of power. The petitioner had filed its return of income for Assessment Year 2014-2015 on 29.11.2014 declaring total loss of Rs.2041,13,27,813/- under the normal provisions and loss of Rs.327,21,42,998/- under section 115JB of the Act.
6. Case of the petitioner company was selected for scrutiny and questionnaires were i
Reopening of assessments under section 148 requires fresh tangible material; reliance on prior records or audit objections alone is insufficient.
Reopening of assessments under Section 148 requires new tangible material; a mere change of opinion does not suffice.
Reopening of assessment under the Income Tax Act requires tangible new material; mere change of opinion is insufficient.
Re-opening of assessment under Section 148 requires tangible material indicating escapement of income; mere change of opinion is insufficient.
Reopening of income tax assessments requires new tangible material; mere change of opinion is insufficient.
The court ruled that the Assessing Officer's reliance on audit objections without considering prior accepted claims of depreciation constituted non-application of mind, rendering the reassessment not....
Reopening of tax assessments on previously decided issues without new evidence violates the principle of finality in tax law.
Reopening of assessments under the Income Tax Act requires new material facts; mere change of opinion is insufficient.
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