On mere change of opinion, the concluded assessment cannot be reopened

Akshaya Souharda Credit Cooperative Limited Vs ITO (ITAT Bangalore)

The issue under consideration is whether A.O. is correct in re-opening of assessment based on the same material on which he relied at the time of assessment u/s 143(3)?

The assessee is a co-operative engaged in providing credit facilities to its members. The assessee filed its return of income, claiming deduction u/s. 80P (2)(a)(i) of the Act. The assessee’s case was selected for scrutiny and the assessment was completed U/s 143(3)

Please become a Premium member. If you are already a Premium member, login here to access the full content.