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2022 (5) TMI 689 - HC - Income TaxReopening of assessment u/s 147 - Appellant capitalized the Foreign Exchange Loss (Forex Loss) and claimed depreciation - HELD THAT:- It could be seen from the order impugned herein that the learned Judge after analysing the legal position qua reopening the assessment, has categorically opined that the appellant has produced all the material facts and evidences, however, the assessing officer in the original assessment order dated 08.02.2013, has not considered many details and passed the said order in a cryptic manner. Having observed so, the learned Judge ought to have set aside the notice for reopening the assessment and remanded the matter to the assessing officer for fresh consideration. On the other hand, it was erroneously concluded that it is a deemed case where income chargeable to tax has escaped assessment and hence, the reassessment proceedings must go on. This court, without expressing any opinion on the merits of the case, is inclined to set aside the orders impugned herein as well as in the writ petition and are accordingly, set aside. Consequently, the matter is remanded to the assessing officer to decide the decision for reopening the assessment under Section 147 of the Act, afresh, by passing a speaking order, after considering all the documentary evidence and materials placed by the appellant without being influenced by any observations made by the learned Judge in the impugned order [2021 (9) TMI 249 - MADRAS HIGH COURT]
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