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2017 (1) TMI 316 - HC - Income TaxValidity of reopening of assessment - reasons to believe - Held that:- The reasons are bereft of any basis to come to the conclusion that the income chargeable to tax has escaped assessment nor any inference can be drawn therefrom that there was any failure on the part of the petitioner to disclose fully and truly all material facts necessary for assessment. Moreover, the petitioner in its objections to the reasons recorded pointed out that this is a case of mere change of opinion, as this very issue was the subject matter of inquiry during regular assessment proceedings as is evident from the Annexure-II to the notice dated 29th July, 2011 issued under Section 142(1) of the Act to the petitioner. The same was responded to by the petitioner by its communication dated 19th October, 2011. In the above view, the impugned notice prima facie appears to be without jurisdiction as it does not even remotely suggest that there was any failure on the part of the petitioner to disclose fully and truly all material facts necessary for assessment - Decided in favour of assessee
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