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2022 (1) TMI 1356 - BOMBAY HIGH COURTValidity of Reopening of assessment u/s 147 - notice has been issued after expiry of four years from the relevant Assessment Year - penny stock transactions - Change of opinion - HELD THAT:- As held in Aroni Commercials Limited[2014 (2) TMI 659 - BOMBAY HIGH COURT] once a query is raised during assessment proceedings and the assessee has replied to it, it follows that the query raised was a subject of consideration of the Assessing Officer while completing the assessment. It is not necessary that an assessment order should contain reference and / or discussion to disclose its satisfaction in respect of the query raised. As noted earlier, the very issue of Petitioner entering into transactions, relating to the scrip of Confidence Finance & Trading Ltd., was a subject of consideration by the AO during the original assessment proceedings. It would, therefore, follow that re-opening of the assessment by the impugned notice is merely on the basis of change of opinion of the AO from what held earlier during the course of the assessment proceedings, leading to the assessment order. This change of opinion does not constitute justification and/ or reason to believe that income chargeable to tax, has escaped assessment. Decided in favour of assessee.
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