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2019 (12) TMI 39 - BOMBAY HIGH COURTReopening of assessment u/s 148 - whether documents furnished by the Petitioner that an assessment order under Section 143(3) - HELD THAT:- Case has been put up before the AO by the Petitioner squarely that the entire income earned whether on Shareholders account or Policy holders account should be recorded as income arising from life insurance business. Upon this submission of the Petitioner and the documents furnished by the Petitioner that an assessment order u/s 143(3) of the Act came to be passed. It is clear from the Reasons that there is no reference to any new tangible material, but the reference is only to the financial statement of the Petitioner itself. Therefore, there is not only no failure to disclose any material facts, there is no mention in the reasons that there has been a failure to disclose. A specific query was raised regarding the implications of Shareholders account, which dealt with by the AO in the assessment order and what is sought to be done by the AO in the impugned notice and order is a mere change of opinion, which is not permissible. These grounds, which constitute jurisdictional requirements, by series of judicial pronouncements, are held to be grounds for setting aside the initiation of reassessment proceedings. The impugned notice and impugned order passed by the AO being beyond this jurisdiction are required to be quashed and set aside.
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