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2018 (5) TMI 592 - HC - Income TaxReopening of assessment - reasons to believe - unexplained investment - farm house was allotted to the petitioner company by NOIDA Authority - failure to disclose fully and truly all material facts - Held that:- The “reasons to believe” incorrectly record that the assessee had made undisclosed investment and had failed to disclose the same for the assessment year 2010-11. During the year in question, the assessee had paid premium to the NOIDA Authority and not the entire purchase price. Balance premium was payable in the subsequent nine equal installments spread over to four years and six months. The transaction was not between two private individuals, but by the petitioner with NOIDA Authority. NOIDA Authority is established by the State of Uttar Pradesh. We do not see that the “reasons to believe” recorded establish any live nexus that income had escaped assessment and any fresh material and evidence would show that the original assessment framed under Section 143 (3) was erroneous and wrong - The transaction between the petitioner-assessee and the NOIDA Authority with regard to purchase of the farm house was examined and considered. The law on re-opening does not permit the Assessing Officer to re-examine the issue already examined in regular assessment under Section 143(3). Change of opinion cannot be a ground to re-open scrutiny assessment. - Decided in favour of assessee.
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