Reassessment Based on Previously Examined Facts Unacceptable: ITAT Mumbai

DCIT Vs East West Pipeline Private Limited (ITAT Mumbai) ITAT Mumbai held that initiation of reassessment proceedings on account of change of opinion formed on re-appraisal of the facts already on record and examined during the regular assessment proceedings is liable to be quashed. Facts- The Assessee is a private limited company engaged in the business of transportation of natural gas through cross country pipeline network. The case of the Assessee for A.Y. 2015-15 was selected for regular scrutiny and the Assessing Officer completed the assessment u/s. 143(3) of the Act vide order, dated 23...