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2014 (8) TMI 390 - HC - Income TaxReopening of completed assessment Power of the AO u/s 147 and 148 of the Act Held that:- Following the decision in Aroni Commercials Limited Versus The Dy. Commissioner of Income Tax And Another [2014 (2) TMI 659 - BOMBAY HIGH COURT] - The power to reassess cannot be exercised on the basis of mere change of opinion i.e. if all facts are available on record and a particular opinion is formed, then merely because there is change of opinion on the part of the Assessing Officer notice under Section 147/148 of the Act is not permissible - 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 AO while completing the assessment - It is not necessary that an assessment order should contain reference and/or discussion to disclose its satisfaction in respect of the query raised - If an AO has to record the consideration bestowed by him on all issues raised by him during the assessment proceeding even where he is satisfied then it would be impossible for the AO to complete all the assessments which are required to be scrutinized by him under Section 143(3) of the Act. The notice u/s 147 of the Act seeking to reopen the AY and the order rejecting the petitioner's objection to reopen the assessment are not sustainable in law - The entire proceeding for reopening the assessment had emanated only on account of change of opinion on the part of the AO thus, the assessment order set aside - there was no reason for the AO to have had a reasonable belief that income chargeable to tax has escaped assessment thus, the Notice issued u/s 148 of the Act also set aside Decided in favour of Assessee.
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