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2013 (1) TMI 287 - HC - Income TaxReopening of assessment - entire sale consideration on sale of DEPB scrip should be discarded for deduction u/s 80HH and not merely the profit margin thereof - Held that:- There is not an iota of allegation that the assessee failing to disclose fully and truly any of material fact either in the reasons recorded or anywhere else. In fact, in the reasons recorded, the AO observes that, thus, a mistake has been committed by the AO, but a mistake on the part of the AO surely would not be a ground to reopen an assessment previously framed after scrutiny beyond a period of four years. Besides such observation which is damaging to the revenue also, there are other sufficient indications in the reasons recorded that in the original assessment the entire issue was examined threadbare by the AO. To the extent he was convinced that the claim was exaggerated, disallowances were made. Thus perusing minutely the portion of the reasons recorded it becomes clear that the AO in the original assessment had examined the claim of the assessee pertaining to deduction u/s 80HHC at considerable length. Various aspects were gone into and disallowances to the extent found required were made. Quite apart from there being nothing on the record to suggest that the AO formed a belief that the income chargeable to tax has escaped assessment due to the reason of the assessee failing to disclose truly and fully all material facts, the present case would be one of mere change of opinion. On all counts, therefore, the impugned notice must fail. Rule made absolute - decided in favour of assessee.
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