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2019 (7) TMI 1735 - AT - Income TaxReopening of assessment u/s 147 - addition made u/s 56(2)(viib) - HELD THAT:- gone through the original assessment order and the details filed before the AO during the course of original assessment proceedings and noted that the assessee vide letter dated 17.12.2011 has filed complete details of share premium account and also the valuation report of the assessee company valuing the share premium at ₹ 6400/- per share The original assessment was passed under section 143(3) of the Act after perusal of the documents as required by the AO with respect to issue of share subscription money received after proper application of mind. We noted that the AO had called for assessee’s explanation on issue, which is in his opinion needed consideration and only after verification of details passed the original assessment order. Once an assessment is completed under section 143(3) of the Act after raising a query on a particular issue and accepting assessee’s reply to the query, the AO had no jurisdiction to reopen the assessment unless and until there is additional information/tangible material before the AO to come to the conclusion that there is an escapement of income. This issue has been dealt in by Hon’ble Bombay High Court in the case of Godrej Agrovet Ltd [2010 (2) TMI 27 - BOMBAY HIGH COURT] wherein it is held that the Assessing Officer cannot act in excess of the restrains on his jurisdiction to reopen an assessment in exercise of the powers under section 147 read with section 148 - Decided in favour of assessee.
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