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2017 (8) TMI 727 - HC - Income TaxReopening of assessment - change of opinion by the Assessing Officer - reasons to believe - audit objection for the reopening of Assessment was resorted to - claim for set-of of loss incurred on selling of housing loan portfolio - Held that:- After the scrutiny, notice under Section 143(2) of the Act was issued. The explanation was given by the Assessee. In the explanation, the Assessee explained about the claim for setof of loss incurred on selling of housing loan portfolio. The Assessing Officer accepted the explanation given by the Assessee and allowed set-of of loss arising on sell of housing loan portfolio. Merely because the another Assessing Officer has a different opinion cannot be a ground to reopen assessment and so also on the reason of audit object remedial action by initiating reopening proceeding cannot be resorted to as held by the Apex Court in case of Indian and Eastern Newspaper Society vs. CIT, reported in (1979 (8) TMI 1 - SUPREME Court ). The Commissioner (Appeals) and the Tribunal on considering the explanation given by the Assessee and the facts on record had arrived at a concurrent conclusion that reopening of assessment is merely on account of change of opinion of the Assessing Officer and there was no omission or failure on the part of the Assessee to disclose truly and fully all the material facts. - Decided in favour of assessee.
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