Reopening of Assessment Based on Change of Opinion Unjustifiable: ITAT Ahmedabad

Advertisement Gayatri Creatives Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that initiation of reopening of assessment based on mere change of opinion and not taking into account the work-in-progress method of accounting followed by the assessee is unjustifiable and liable to be quashed. Facts- The assessee filed his return for Rs.42,98,920/-. The assessment u/s. 143(3) of the Income Tax Act, 1961 was completed on 28.03.2013 thereby assessing the total income at Rs.43,26,030/-. AO noticed that the Balance Sheet of the assessee as on 31.03.2010 showed work-in-progress at Rs.7,85,89,164/- an...