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2022 (4) TMI 625 - HC - Income TaxReopening of assessment u/s 147 - eligibility of reason to believe - petitioner had claimed deduction on account of notional foreign exchange loss on non payment of imports - HELD THAT:- As evident from the reasons for reopening that the Assessing Officer had all material facts before him when he made the original assessment. In the reasons for reopening there is not even a whisper as to what was not disclosed. There is a specific averment in the petition that, the petitioner had truly and fully disclosed all material facts at the time of original assessment. The respondents have not traversed the said fact in their affidavit-in-reply. This is not a case where the assessment is sought to be reopened on the reasonable belief that income had escaped assessment on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but this is a case wherein the assessment sought to be reopened on account of change of opinion of the Assessing Officer. The same is not permissible in view of proviso to section 147 of the Act. - Decided in favour of assessee.
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