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2016 (12) TMI 1281 - GUJARAT HIGH COURTValidity of reopening of assessment - assessee entitlement to exemption under Section 10(38)- Held that:- From the assessment order passed by the Assessing Officer, which was passed after scrutiny assessment and which was passed after calling for the relevant materials from the petitioner – assessee, the Assessing Officer considering the purchase of shares of Unitech International Ltd. purchased in the year 2007 granted the exemption accordingly, and therefore, the subsequent reopening would tantamount to change of opinion and as held by the Hon’ble Supreme Court and this Court in catena of decisions mere on change of opinion the reopening of the assessment is not permissible. At this stage, it is required to be noted that as such there is no tangible material available with the Assessing Officer in support of the claim to treat the purchase of the shares in the year 2010-11. On the contrary it is evident from the record that the petitioner – assessee purchased the shares of Unitech International Ltd. in physical form in the year 2007 and the same were reflected /disclosed in his books of accounts produced with return of income in the earlier years, more particularly, in the preceding year of Assessment Year 2011-12. The aforesaid is evident from the material produced on the query raised by the Assessing Officer in the scrutiny proceedings. Under the circumstances also the impugned notice to reopen the assessment cannot be sustained. - Decided in favour of assessee Non deduction of TDS - Held that:- It is an admitted position that the petitioner – assessee did not claim any interest under Section 40(a)(ia) of the Income Tax Act, and therefore, on the aforesaid ground the Assessing Officer is not justified in reopening the assessment.- Decided in favour of assessee
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