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2021 (11) TMI 813 - HC - Income TaxReopening of assessment u/s 147 - Validity of reasons to believe - HELD THAT:- There is no material which has come in the hands of respondent after the assessment order was passed on 12/3/2016 which can be considered as material fact and the same was not truly and fairly disclosed. By letter dated 9/11/2015 petitioner had received the letter from office of the Assistant Commissioner, Office of Income Tax calling upon to furnish the documents and details of about 27 transactions/flat sales. Transaction amount has also been mentioned and the total of these transactions which is the amount mentioned in the reasons for reopening. In reply petitioner vide its letter dated 17/11/2015 provided all details and documents to the AO. Subsequently, the assessment order dated 29/2/2016 was passed. Date given as 12/3/2016 in the reasons, Shri Jain says appears to be erroneous. We are satisfied that this is nothing but change of opinion and using the words “I have reason to believe that income chargeable to tax…. By reason of the failure on the part of the assessee to disclose fully and truly all material facts………….” in the reason for reopening is clearly an attempt to take the case out of restrictions imposed by the proviso of Section 147 of the Act - Decided in favour of assessee.
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