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2016 (8) TMI 1152 - HC - Income TaxReopening of assessment - claim of loss - Held that:- It is not in dispute that originally the assessee had made a misrepresentation of fact which misled the assessing officer in believing that the loss was suffered in the course of share broking business. Whereas the truth is that loss was suffered in sale and purchase of shares which had no connection with the business of the assessee as a share broker. There is in fact tangible material to come to the conclusion that income escaped assessment which we have already discussed. There is thus no question of any change of opinion. For the aforesaid reasons, an additional question is formulated by us as follows: Whether there is any change of opinion in the facts and circumstances of the case in reassessing the income of the assessee under section 147/143(3) of the Income Tax Act? The aforesaid question is answered in the negative. Considering the view we have taken and considering that the CIT(A) and the learned Tribunal did not go into the merits of the matter, we refrain from expressing our views with regard to the other questions. The order passed by the learned Tribunal and the CIT(A) are both set aside. The matter is remanded to the CIT(A) for hearing the appeal on merits.
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