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2018 (10) TMI 1758 - HC - Income TaxReopening of assessment u/s 147 - HELD THAT:- “Change of Opinion” expressly refers to the factual position and particularly, the show cause notice sent by the AO dated 26th December, 2013. In this show cause notice, the transaction of purchase and sale of shares of ‘M/S Nivyah Infrastructure and Telecom Services Ltd.’ (erstwhile ‘M/S S.V. Electricals Ltd.’) was expressly referred and inquiry was sought to be made by seeking an explanation. The assessee replied to this letter on 6th January, 2014 and claims to have given complete details of this transaction. Prima facie, therefore, and in the absence of any reasons set out in the affidavit in reply, we do not think that we should allow the AO to go ahead with the implementation of the impugned notice issued under Section 148 and order rejecting the objections of the assessee dated 20th August, 2018. Hence, there will be an adinterim order in terms of prayer clause (d) of the Writ Petition.
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