TMI Blog2022 (4) TMI 625X X X X Extracts X X X X X X X X Extracts X X X X ..... raversed the said fact in their affidavit-in-reply. This is not a case where the assessment is sought to be reopened on the reasonable belief that income had escaped assessment on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but this is a case wherein the assessment sought to be reopened on account of change of opinion of the Assessing Officer. The same is not permissible in view of proviso to section 147 of the Act. - Decided in favour of assessee. - WRIT PETITION NO. 1004 OF 2022 - - - Dated:- 5-4-2022 - K.R. SHRIRAM N.R. BORKAR, JJ. Mr. Sukhsagar Syal i/b Mr. Govind G. Javeri for the Petitioner. Mr. Akhileshwar Sharma for the Respondent- Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner s income chargeable to tax for A.Y. 2015-16 has escaped assessment within the meaning of section 147 of the Act. 7] The petitioner by letter dated 15.07.2021, after fling return of income, requested respondent No.1 to provide reasons recorded for issuance of impugned notice. Accordingly, vide letter dated 16.09.2021 the reasons recorded for reopening the assessment was provided to the petitioner. The petitioner by letter dated 29.11.2021 submitted it s objections to the proposed reassessment. Respondent No.1, by impugned order dated 22.12.2021 rejected the objections of the petitioner. 8] We have heard Mr. Sukhsagar Syal, the learned Counsel for the petitioner and Mr. Akhileshwar Sharma, the learned counsel for the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 41(1) of the Act and ought to have been added to the income. It is further submitted that petitioner had claimed deduction on account of notional foreign exchange loss on non payment of imports. It is submitted that as the funds were utilised for non business purposes deduction in that respect was required to be disallowed. It is submitted that original assessment order is silent on both these issues and thus it is not a case of mere change of opinion. 12] We have perused the reasons recorded for reopening the assessment. For ease of reference, they are scanned and reproduced herein below. 13] It is evident from the reasons for reopening that the Assessing Officer had all material facts before him when he mad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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