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2021 (7) TMI 364 - ITAT HYDERABADReopening of assessment u/s 147 - Whether any fresh material or any information which gives the impression that the income of the assessee has escaped assessment? - HELD THAT:- Departmental representative fails to dispute that the AO had issued 148 notice dt. 30.3.2017 i.e. well beyond the specified period of four years from the end of the relevant assessment year of filing of the return without even indicating as to whether the assessee had not disclosed the corresponding shortfall pertaining to its turnover; "fully and truly", as per 147 section first proviso. This factual backdrop the CIT(A) has rightly termed the impugned reassessment as a mere change of opinion as per hon'ble apex court land mark decision in CIT Vs. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT]. Bombay High Court decision in Hindustan Lever Ltd. Vs. ACIT [2004 (2) TMI 41 - BOMBAY HIGH COURT] that the reasons recorded by the Assessing Officer must state that there was failure on the part of the assessee to disclose fully and truly all material facts. Reasons are required to be read as they were recorded by the AO. And that the AO himself must also speak through his reasons and should not keep and also seek through his reasons and should not be an assessee guessing for the same. CIT(A) has rightly accepted the assessee's legal arguments challenging validity of the impugned reassessment. - Decided against revenue.
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