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2019 (10) TMI 643 - BOMBAY HIGH COURTReopening of assessment u/s 147 - validity of reasons to believe - HELD THAT:- Assumption of jurisdiction on the basis of the reasons given by the Assessing Officer is entirely unfounded and unjustified. The notice issued to the Petitioner on 27 January 2014 to produce documents in connection with the assessment year 2012-13 called upon the Petitioner to produce acknowledgment of return, balance sheet, profit and loss account, tax audit report etc. Petitioner was called upon to submit return of income of the Directors along with other documents such as shareholding pattern, bank account details etc. The assessment order dated 13 March 2015 pursuant to the production of profit and loss account and other documents referred to these documents. In the assessment order it is stated that the Petitioner produced all the material that was called for and the Petitioner remained present through his Chartered Accountant to submit the documents. The total income of the Petitioner was computed with reference to the profit and loss account. Therefore, the profit and loss account was called for, was submitted by the Petitioner and was scrutinized. Thus, it cannot be said that there was any failure on the part of the Petitioner to produce all the material particulars. After considering the entire material the assessment order was passed. AO is now seeking to proceed on a mere change of opinion. All these factors and the need for jurisdictional requirement were brought to the notice of the Assessing Officer by the Petitioner. Yet, the AO ignored the same and proceeded to dismiss the objections and reiterated his decision to reopen the assessment - notice and the impugned order cannot be sustained. - Decided in favour of assessee.
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