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2023 (1) TMI 280 - HC - Income TaxReopening of assessment u/s 147 - reason to believe - taxability u/s 56(2) (vii)(b) - assessee had issued 6,00,75,029 equity shares and received premium for which excess money received - HELD THAT:- No fresh tangible material distinct from what was made available by the petitioner during the assessment proceedings is emerging and specific queries which have been raised with regard to issues now raised have already been explained by the petitioner and the assessing authority having accepted the replies and explanation, no addition is made and as such, a case is made out by the petitioner calling for our interference, since reopening of assessment appears to be on the basis of change of opinion which is against the settled proposition of law as discussed herein-above. At the time of first assessment, there was no conscious consideration of material and no mistake can be said to have been committed by the AO permitting the Revenue to re-open the assessment. No income appears to have escaped assessment as is visible from the explanation offered by assessee and consideration thereof by the authority in the present case on hand. Hence, an attempt has now been made to wriggle out from settled proposition of law by projecting that mistake might have been committed by the authority in not consciously considering the explanation. The said stand is not possible to be accepted by us. Hence, we are of the clear opinion that a case is made out by the petitioner. Special Civil Application is allowed.
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