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2022 (4) TMI 624 - BOMBAY HIGH COURTReopening of assessment u/s 147 - assessee has claimed deduction on account of notional foreign exchange loss - change of opinion - HELD THAT:- As held by this Court time and again and particularly in Aroni Commercials Ltd. [2014 (2) TMI 659 - BOMBAY HIGH COURT] that once a query is raised during the 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. There can be no doubt in the present case that the very issue of foreign exchange loss was a subject matter of consideration of the Assessing Officer. It would therefore, follow that reopening of assessment by the impugned notice dated 31.03.2021 is merely on the basis of change of opinion of the Assessing Officer from that held earlier during the course of assessment proceedings. This change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment. - Decided in favour of assessee.
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