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2023 (7) TMI 348 - BOMBAY HIGH COURTReopening of assessment u/s 147 - reason to believe - change of opinion - allowability of interest and other expenditure as revenue expenditure - HELD THAT:- Just because the assessee revised the return of income for AY-2005-2006 by disallowing the expenses on account of interest income, the refund was for assessment year entirely different from the impugned assessment year, each assessment year is separate and that can never be a ground for re-opening the assessment. The primary thrust was, of course, on change of opinion. The same issue of investment and interest on loans taken etc., were subject matter of a query raised by the AO as can be seen from the letter issued to petitioner. Petitioner also addressed a communication to give an explanation in regard to allowability of interest and other expenditure as revenue expenditure, i As held in Aroni Commercials Ltd. [2014 (2) TMI 659 - BOMBAY HIGH COURT] once a query is raised during the assessment proceedings and the assessee has replied to it, it follows the query raised was a subject of consideration of the assessing officer while completing the assessment. It is not necessary that an assessment order should contain reference and/or discussion to disclose its satisfaction in respect of the query raised. It is not necessary that an assessment order should contain reference and/or discussion to disclose its satisfaction in respect of the query raised. If an assessing officer has to record the consideration bestowed by him on all issues raised by him during the assessment proceedings even where he is satisfied, it would be impossible for the assessing officer to complete all the assessments which are required to be scrutinised under Section 143(3) - Decided in favour of assessee.
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