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2019 (11) TMI 464 - HC - Income TaxReopening of assessment - assessment reopened on the basis of ‘change of opinion’ - one time settlement by the Petitioner with its bankers - HELD THAT:- We find that both the CIT(A) and the Tribunal have found on facts that during the regular assessment proceedings, the Assessing Officer had occasion to consider the one time settlement by the Petitioner with its bankers. It found that during the scrutiny assessment proceedings, queries were raised and the Petitioner filed a detailed response on 11th November, 2008, giving complete details to Assessing Officer of the one time settlement and manner in which it was treated. This finding of fact is not shown to be perverse in any manner. The re-opening notice is not based on any fresh tangible material but proceeds on the material already on record with the Assessing Officer and also considered before passing the order dated 24th November, 2008 under Section 143(3) of the Act. Assessing Officer restricts himself only to deal with those issues where he does not agree with the Assessee’s submission and gives reasons for it. Otherwise, it would be impossible to complete all the assessments within time limit available. Thus, the Court held that once a query is raised during Assessment Proceedings and the Assessee has responded to the query, to the satisfaction of the Assessing Officer, then there has been due consideration of the same. Therefore, issuing of the re-opening notice on the same facts which were considered earlier, clearly amounts to change of opinion. Thus, without jurisdiction. - Decided against revenue.
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