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2022 (2) TMI 708 - HC - Income TaxReopening of assessment u/s 147 - Change of opinion - TP adjustment addition - HELD THAT:- Petitioner had made available all details and documents relating to the issue raised in the reasons for re-opening. As per the Jurisdictional AO(JAO) petitioner had entered into a transaction with a related party being Nelco Limited. Tax Auditor and Transfer Pricing Auditor reported the transaction with Nelco Limited. Perusal of creditors details submitted ‘during the course of assessment proceeding’ showed that the transaction entered into with Nelco Limited during the year were and therefore there is escapement of income. It is therefore clear that relying on the same set of documents and facts already considered before the original assessment proceeding re-opening is proposed to take a view different from the view already taken earlier. Courts have repeatedly held that change of mind cannot be the basis for re-opening. Courts have repeatedly held that once a query is raised and that has been explained by the assessee, even if there is no discussion on that aspect in the assessment order still the Assessing Officer is deemed to have consider these points and applied his mind. All these only indicate one thing that re-opening is proposed on the basis of change of opinion. - Decided in favour of assessee.
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