Whether the ‘information’ explained in 148 includes Internal Audit objection for finance Act 2021 ?
The Bombay High Court in case of Hasmukh Estates Pvt. Ltd. v. ACIT (Bom)(HC) has had on Under :
“The basis of which the AO issued notice alleging that there was “information” that suggests escapement of income was an internal audit objection. What is information is explained in Section 148 of the Act to mean “any objection raised by the Comptroller and Auditor General of India…….” and no one else. This itself makes the re-opening of assessment in the present case impermissible.
12. Consequently, de-hors any audit objection raised by the CAG, a view deviating from that which was already taken during the course of issuing the original assessment order is nothing but a ‘change of opinion’ which is impermissible under the provisions of the Act.”
