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2018 (2) TMI 1293 - HC - Income TaxReopening of assessment - capital gain tax - Deemed dividend u/s 2(22)(a) - Held that:- This entire transaction of transfer of shares by the petitioner to M/s.Nerka Chemicals Pvt. Ltd. came up for scrutiny by the AO during the original assessment proceedings. Of course, the assessee's contention revolved around the issue whether such transaction would invite capital gain tax in the hands of the assessee or not. Nevertheless, this transaction was scrutinized and eventually when the order of original assessment was passed, no additions were made. AO was of the opinion that even though capital gain cannot be charged, the transfer being in the nature of payment of dividend, the assessee had to pay dividend distribution tax, he had to express such opinion in the order of assessment. He cannot have second innings to examine the same transaction from a different angle by resorting to reopening of assessment. The permissibility of change of opinion so resoundingly rejected by the in case of CIT vs. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT OF INDIA] even post the amendment of section 147 with effect from 01.04.1989 would bar the Assessing Officer from carrying out such fresh scrutiny. - Decided in favour of assessee
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