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2021 (2) TMI 131 - ITAT DELHIReopening of assessment u/s 147 - reopening after expiry of four years - unexplained share capital under section 68 and addition on account of Commission paid under section 69C - HELD THAT:- As in the case of ACIT vs., Marico Ltd. [2020 (6) TMI 436 - SC ORDER] we are of the view that assessee disclosed complete details of receipt of share application money in assessment year under appeal to the A.O. at the original assessment stage along with documentary evidences, which have been accepted by the A.O. Thus, on mere change of opinion, the A.O. cannot reopen the assessment - no failure on the part of assessee to disclose fully and truly all material facts necessary for assessment. The reopening on mere change of opinion is bad in Law and void abinitio and is liable to be quashed. Original assessment have been passed under section 143(3) on Dated 14.12.2011 and A.O. recorded the reasons for reopening of the assessment in March, 2016. Since, there is no failure on the part of assessee to disclose fully and truly all material facts necessary for assessment, therefore, action under section 147 initiated after expiry of 04 years from the end of the relevant assessment year, the re-assessment would be bad in Law and is clearly hit by First Proviso to Section 147 . A.O. did not apply his mind to the reasons recorded for reopening of the assessment and without verifying the record of the Investor Companies also which have been accepted in the assessments under section 153C/153A prior to recording of the reasons clearly show that A.O. has not applied his mind to the facts already available on record. Reopening of the assessment is clearly bad in Law and liable to be quashed. In view of the above discussion, we set aside the Orders of the authorities below and quash the reopening of the assessment in the matter - Decided in favour of assessee.
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