Reopening of assessment based on mere change of opinion is unsustainable

Glen Propbuild Private Limited Vs DCIT (ITAT Delhi) ITAT Delhi held that proviso to Section 147 of the Income Tax Act gets applicable as reopening of assessment is initiated after four years of original assessment. Accordingly, re-opening of assessment based on mere change of opinion is unsustainable. Facts- In this case, the assessee was earlier assessed under Section 143(3) on 26.09.2008 at a loss of Rs.31,91,657/-. Thereafter, the present proceedings under Section 147 were initiated. The assessee has challenged the validity of reopening before the ld. CIT(A) by giving plethora of case laws....