Challenge to Reassessment: AO Lacks Grounds for Taxing Exempt Dividend Income u/s 10(33) from Mutual Funds.

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....Reopening of assessment - AO could have no reason to believe that the dividend income earned by the Petitioner from the aforesaid three mutual funds had escaped assessment. As stipulated in section 10(33), the said income was exempt and therefore could not have been brought to tax. - HC....