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2022 (5) TMI 57 - DELHI HIGH COURTReopening of assessment u/s 147 - Eligible reasons to believe for reopening the assessment qua the petitioner/assessee - HELD THAT:- Having heard the learned counsel for the parties and perused the record, we are of the view that the petitioner/assessee, at this juncture, has established a prima facie case. The balance of convenience is, presently, in favour of the petitioner/assessee, as, if the assessment proceedings are allowed to continue, it may cause detriment to the petitioner’s/assessee’s interest. What is required to be noticed in the matter, at this stage, is that the AO has formed a belief, according to us, erroneously, that the entire amount which the petitioner/assessee is said to have invested in bonds/debentures will form part of its taxable income. Investment in bonds/debentures, ordinarily, constitutes a loan transaction. Interest, if any, earned on such investment would possibly form a part of the investor’s taxable income. However, at this juncture, there is no material to reach a conclusion either way.
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