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2021 (11) TMI 59 - HC - Income TaxReopening of assessment u/s 147 - Change of opinion - HELD THAT:- As fact was not discussed by the AO while finalizing the assessment and the same has not been brought to the notice of the AO by the assessee with a view to conceal the above facts from the AO. The second part of this observation is incorrect inasmuch as in the Affidavit-in-Reply and as it appears from the reasons for reopening of assessment itself, the details have been brought to the notice of the AO when the original Assessment Order was passed. As regards non-discussion by the Assessing Officer while finalizing the assessment, it is settled law that it is not necessary that an Assessment Order should contain reference and / or discussion to disclose its satisfaction in respect of every item. If the AO has materials before him but has not chosen to deal with that in his Assessment Order, he is deemed to have accepted the explanation or returns of the assessee. We find support for this view in Aroni Commercial Ltd. [2014 (2) TMI 659 - BOMBAY HIGH COURT] It is settled law that an Assessing Officer cannot reopen an assessment even within a period of 4 years merely on the basis of a change of opinion. In this case, the assessment is sought to be reopened after a period of 4 years and hence the proviso to Section 147 of the Act is applicable which stipulates a requirement that there must be a failure on the part of the assessee to disclose fully and truly all material facts necessary. It is also settled law that the AO has no power to review an assessment which has been concluded - In the reasons for reopening of assessment, there is not even a single ground for reopening mentioned. As noted earlier, the entire basis for reopening is based on the balance-sheet which has been filed by Respondents.
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