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TMI Blog2013 (12) TMI 661X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of the ld. C.I.T. (A)-VI, Kolkata dated 02.04.2012. 2. Even though the assessee has taken four effective grounds of appeal ground no.1 is on merit while ground nos.2 ,3 and 4 relate to the jurisdiction of the Assessing Officer for making assessment u/s 147 r.w.s.143(3) of the IT Act. Since ground nos. 2 and 3 relate to the validity of the assessment we, therefore take up ground no.2 and 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for taxation. Such explanation of the assessee was accepted. Assessee's explanation was prima facie unacceptable due to the following reasons : i) Exchange rate fluctuation gain is a tangible gain and hence in the nature of income chargeable to tax. ii) That it was not notional in nature was evident from the fact the assessee had apparently made investments during the ear by utilizing such r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 to the assessee. Sd/- (Abhijit Kundu) ADIT-(IT)-II, Kol" 4. The assessment has been reopened on account of receipt of Rs.10,05,496/- on account of foreign exchange fluctuation. This issue regarding the receipt of Rs.10,05,496/- as apparent from the reasons recorded by the AO was considered in the assessment order u/s 143(3) and the AO correspondingly accepted the explanation of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under :- "The concept of "change of opinion" on the part of the Assessing Officer to reopen an assessment does not stand obliterated after the substitution of section 147 of the Income-tax Act, 1961, by the Direct Tax Laws (Amendment) Acts, 1987 and 1989, After the amendment, the Assessing Officer has to have reason to believe that income has escaped assessment, but this does not imply that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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