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2019 (1) TMI 1481 - BOMBAY HIGH COURTReopening of assessment - reopening of beyond the period of four years from the end of relevant assessment year - addition u/s 68 - Held that:- We notice that the impugned notice have been issued beyond the period of four years from the end of relevant assessment year. There is neither any allegation, nor any suggestion in the impugned notice that income chargeable to tax has escaped assessment due to the failure of the assessee to disclose truly and fully all material facts. Only on this ground therefore, the impugned notice would be rendered invalid. There is yet another ground why we cannot allow the AO to act on such notice. This is so because in the original scrutiny the assessment, the AO had examined the issue on which he now wants to reopen the assessment. In the reasons recorded he had referred to the authorized capital of the assessee-company of ₹ 4 crores representing 40 lakhs shares of ₹ 10/each, out of which 39 lakhs 90 thousand shares were issued at the premium of ₹ 145 per share. He has recorded that no details as to how the share premium was worked out at ₹ 145 per share was produced on record. It was on account of this that AO held the belief that the share premium sum of ₹ 57.85 crores (rounded off) had escaped assessment. AO now cannot have second innings and re-examine the same issue, in absence of any tangible material outside the record within his possession. Any attempt on his part would be based on mere change of opinion. - Decided in favour of assessee.
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