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2022 (1) TMI 490 - BOMBAY HIGH COURTReopening of assessment u/s 147 - Undisclosed interest income - information received from Investigation Wing about a particular entity entering into suspicious transaction - scope of change of opinion - HELD THAT:- In the computation of income, Petitioner has disclosed interest received of ₹ 1,41,18,920/- and payment of ₹ 1,43,43,518/- restricted to ₹ 1,42,05,185/-. Even in the capital account there is disclosure of interest receipt of ₹ 1,41,18,920/- and interest payment of ₹ 1,43,43,518/-. Therefore these details have been made available before the assessment was completed under section 143(3) of the Act. Just because some information has been received from the Investigation Wing, does not entitle Respondents to reopen assessment based on change of opinion. Merely, deposit of money into the bank account by way of cheque itself is not a ground for escapement of income. Mere high value deposit in the bank account cannot be a reason for reopening under section 148 - The reasons as made available to Petitioner merely indicates information received from Investigation Wing about a particular entity entering into suspicious transaction. That material is not further linked to the conclusion that Petitioner has indulged in any activity which can give rise to reason to believe on the part of the Assessing Officer that income chargeable to tax has escaped assessment. It does appear that the Assessing Officer has merely issued a reopening notice on the basis of intimation received from the Investigation Wing and consequent to change of opinion - thus quash, cancel and set aside the impugned notice - Decided in favour of assessee.
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