Gujarat HC quashes Reopening of Income Tax Assessment on Change of Opinion

Rikin Industries Vs ITO (Gujarat High Court) Gujarat High Court held that reopening of assessment is based on change of opinion since exact entry which was already scrutinised and accepted by department during scrutiny assessment. Accordingly, re-opening u/s. 148 is liable to be quashed. Facts- The Petitioner entered into certain transactions in Futures & Options which resulted into loss of Rs.67,72,832/- and such loss is duly reflected in the Profit & Loss account. The case of the Petitioner was selected for scrutiny assessment. AO, while framing the assessment vide order dated 18.03....