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2014 (8) TMI 276 - ITAT MUMBAIReopening of assessment – Change of opinion - Income from sale of shares wrongly assessed under income from STCG instead of business income – Held that:- CIT(A) rightly held that the AO has reopened the assessment on the basis of change of opinion - CIT(A) also held that the gain arising on sale of shares is assessable as Short term Capital gain only - the view expressed by CIT(A) is upheld - assessee has furnished all the details relating to share transactions before the AO during the course of original assessment proceedings - AO has completed the assessment u/s 143(3) of the Act by considering those details - Later the AO has passed a rectification order u/s 154 of the Act also - on both the occasions, the AO was very much aware of the fact that the assessee has declared the gains arising on sale of shares under the head Capital gains, that too both the Short term Capital Gains and Long term capital gains - A careful perusal of the reasons recorded for re-opening also shows that the AO has entertained the reasons only from the facts already available on record - CIT(A) was justified in holding that the AO has re-opened the assessment only on the basis of change of opinion and the CIT(A) was justified in quashing the reopening of assessment – Decided against Revenue.
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