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2014 (8) TMI 602 - HC - Income TaxReopening of assessment u/s 148 – Change of opinion - Held that:- Unless and until it is suggested and / or alleged that the income chargeable to tax as escaped assessment for the reasons that the assessee failing to disclose fully or truly all material facts , reopening of assessment is not permissible - the assessee claimed the income from sale of shares, mutual funds etc. as income from capital gain and to that the petitioner was called upon to furnish the necessary details etc. and thereafter after due consideration the AO framed the assessment order and treated the income from sale of shares, mutual funds etc. as income from capital gain – the attempt on the part of the AO now to tax the receipt as a business income would be a mere change of opinion - on mere change of opinion by the AO, the reopening of the assessment beyond the period of four years from the relevant assessment year is not permissible - Relying upon MAPS ENZYMES LTD. Versus DEPUTY COMMISSIONER OF INCOME TAX [2014 (3) TMI 28 - GUJARAT HIGH COURT] - on mere change of opinion by the AO subsequently, initiation of reassessment proceedings is not valid - The notice for reopening the assessment issued u/s 148 of the Act and the order disposing of the objection are set aside – Decided in favour of Assessee.
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