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2024 (2) TMI 164 - BOMBAY HIGH COURTReopening of assessment u/s 147 - issue of shares at excessive share premium - change of opinion - as per assessee this is a clear case of change of opinion because the issue of excessive share premium was the subject matter of consideration during the assessment proceedings - HELD THAT:- The subject matter of large share premium received during the year was under active consideration of the AO during the assessment proceedings. As held by Division Bench of this Court in Aroni Commercials [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 that the query raised was a subject of consideration of the Assessing Officer while completing the assessment. Therefore, there can be no doubt that the very issue of share premium was subject matter of consideration by the AO during the original assessment proceedings, which would mean that reopening of assessment is merely on the basis of change of opinion of the AO from that held earlier during the course of the assessment proceedings. This change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment. Thus the reopening of the assessment for AY 2014-15 is not justified. In view of this finding of ours, we do not consider it necessary to go into the other issues on determination of fair market value, etc. Decided in favour of assessee.
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