Reopening of Assessment and Work-in-Progress Disallowance Unjustified Due to Change of Opinion by AO: ITAT [Read Order]
The tribunal noted that the AO had previously accepted the assessee's method of accounting but disregarded it during the reopening, treating it as a mere change of opinion.
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) found that the reopening of the assessment and the disallowance of work-in-progress were unjustified due to a change of opinion by the Assessing Officer (AO). Gayatri Creatives, the appellant – assessee, engaged in contracting and land development filed its return of income for the Assessment Year…
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