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2015 (12) TMI 1079 - HC - Income TaxReopening of assessment - uncounted share application money received - change of opinion - Held that:- The questionnaire and, particularly, question No. 3, specifically raised the issue with regard to the shares. The responses were given by the assessee from time to time and what is more important is that the Assessing Officer had directly issued letters to all the share applicants, who had, in turn, given their confirmations along with their PAN numbers and bank details. After having received the said information, the Assessing Officer did not think it fit to make an addition and that itself would amount to forming an opinion, as indicated in CIT v. Usha International Limited (2012 (9) TMI 767 - DELHI HIGH COURT ) and Lahmeyer Holding GMBH (2015 (5) TMI 654 - DELHI HIGH COURT ). Therefore, the present exercise of issuing the notice under Section 148 of the said Act would be nothing but one of change of opinion, which is impermissible. As decided in Swarovski India Limited v. Deputy CIT: [2014 (9) TMI 4 - DELHI HIGH COURT ] wherein a notice under Section 148 of the said Act was quashed for being issued after the expiry of four years from the relevant assessment year, wherein there was no specific mention of which material facts were not disclosed by the assessee in the course of its original assessment proceedings under Section 143(3) of the said Act. In the present case also there is not even a whisper of the allegation that there has been a failure on the part of the assessee to disclose fully and truly all material particulars necessary for assessment. - Decided in favour of assessee
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