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2018 (3) TMI 1356 - HC - Income TaxReopening of assessment - failure on the part of the assessee to withhold to furnish the material particulars - reason to believe- Held that:- If the primary facts are placed before the Assessing Officer, the Assessing Officer is in a position to take decision thereupon, it cannot amount to failure on the part of the assessee to withhold to furnish the material particulars. AO in the impugned order has referred to various decisions, however, none of the decisions lay down that even though the primary facts were placed before the AO at the time of scrutiny, on account of non-furnishing of the Form at the time of the original assessment, the assessment can be reopened, neither any such decision is brought to our notice. Thus Petitioner had placed on record the necessary information for the purpose of assessing income as regard the transfer of shares. What is sought to be done by the Assessing Officer now is a reopening of assessment after four years, on a mere change of opinion. The non-furnishing of the Form is only an excuse given by the Assessing Officer to attempt to exercise an nonexistent power. - Decided in favour of assessee
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