Change of Opinion Cannot Justify Reopening: ITAT Quashes 147

Panchratna Co-operative Housing Society Ltd. Vs ITO (ITAT Mumbai) Reopening Hit by Change of Opinion: ITAT Mumbai Quashes 147 Against Panchratna CHS on 80P(2)(d) & Mutuality Issues Already Scrutinised Assessee, The Panchratna Co-operative Housing Society Ltd., filed return declaring ₹61,97,289 which was scrutinised & assessed u/s 143(3) on 19.03.2016. During original scrutiny, AO examined (i) interest income from investments in Saraswat Co-op Bank, Bharat Co-op Bank & Maharashtra Co-op Bank, and (ii) non-mutual receipts such as income from Loop Mobile, Tata Teleservices, Gem Plaz...