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2023 (9) TMI 262 - HC - Income TaxReopening of assessment u/s 147 - LTCG on sale of shares - Borrowed satisfaction of independent application of mind by AO - HELD THAT:- As petitioner has disclosed fully and truly all relevant materials during the course of regular assessment in response to the notice under Section 142(1) of the Act and based upon such information the AO passed the assessment order u/s 143(3). On perusal of the material available on record, it also reveals that the assessee has disclosed the sale consideration at Rs. 39,000/- per share which is evident from the computation of the long term capital gains provided along with the return of the income. Thus the assessee has disclosed all facts truly and fully during the course of the regular assessment and therefore, there is a mere change of opinion on the part of the respondent to issue the impugned notice based upon the information received from the CIT Appeals. The respondent has issued the impugned notice on the borrowed satisfaction without application of mind contrary to the material and facts available on record and therefore such notice cannot be sustained in view of the dictum of Kelvinator of India Ltd [2010 (1) TMI 11 - SUPREME COURT] - Decided in favour of assessee.
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