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2015 (12) TMI 1019 - AT - Income TaxReopening of assessment - Held that:- The order of the A.O, no where speaks about having a new material or any tangible material to reopen the case. The Learned CIT(A) has recorded a finding that the assessing officer has called for relevant details during the course of original assessment proceedings. Hence it is quite clear that the reopening was done on the basis of change of opinion. It is well settled proposition that reopening cannot be done on the basis of change of opinion. - Decided in favour of assessee. Consideration of sale price - substitution of sale value - Held that:- The assessee sold 7,99,800 shares to Rainbow Agri Industries at the face value at ₹ 1/-. The A.O. determined fair market value at ₹ 3.50/- without bringing any material on record to show that the assessee received more than the agreed consideration. In the above said judgments of K.P.Varghese Vs. ITO (1981 (9) TMI 1 - SUPREME Court) and Rupee Finance & Management (P) Ltd. Vs. ACIT 7(2), Mumbai (2007 (2) TMI 240 - ITAT BOMBAY-J) it has been held that the fair market value and sale value is clearly distinguishable. Therefore, we are of the view that, without any supporting material, the A.O. cannot substitute market value. Therefore, order of the CIT(A) under challenge is not required to be interfered with on any ground. - Decided in favour of assessee.
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