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2015 (9) TMI 1166 - AT - Income TaxValidity of Re-opening of assessment u/s. 147 - after the end of four years from the assessment year when scrutiny assessment has been completed on the addition u/s. 41(1) of interest waived by the banks - Held that:- There is no merit in Revenue's appeal. First of all as rightly pointed out by the Ld.CIT(A), the AO has examined this issue of 'interest waiver' by the bank and show caused assessee, why it shall not be taxed u/s. 41/28/56 vide letter dt. 07-03-2007. Therefore, the waiver of interest by IDBI/ICICI Bank is very much within the knowledge of the AO who has enquired the same in the course of original assessment. Not only that the entire transaction was disclosed in the notes to the accounts of the annual report. The AO's reasoning in reopening can only be considered as change of opinion. Moreover, all the facts were disclosed by assessee and therefore, there is no failure on the part of assessee in disclosing fully and truly all material facts. Therefore, we are of the opinion that reopening of the assessment after four years from the end of the assessment year cannot be justified. - Decided against revenue.
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