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2016 (7) TMI 66 - HC - Income TaxReopening of assessment - claim of capital loss - Held that:- Entire issue was thoroughly examined by the Assessing Officer during the original assessment proceedings. He had serious doubt about the assessee's claim of capital loss upon which he raised multiple queries. All these queries were explained by the assessee including pointing out the reasons for not exercising warrants. He placed heavy reliance on decision of Karnataka High Court in Dy. CIT v. BPL Sanyo Finance Ltd. [2008 (2) TMI 386 - KARNATAKA HIGH COURT] for justifying the claim. It was after such minute scrutiny that the Assessing Officer made no addition in the final order of assessment. Without there being anything additional on record, it would therefore, not be permissible for the Assessing Officer to reopen the assessment on the very same material. Additionally, we may recall that the notice was issued beyond a period of four years from the end of relevant assessment year. There is not even a hint from the reasons recorded that the assessee failed to disclose truly and fully all materials. Even on this ground, notice must fail.- Decided in favour of assessee
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