2022 (1) TMI 1356

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.... Mr. Tanzil R. Padvekar For the Respondent : Mr. Sham V. Walve, Advocate ORDER P.C.: 1. Petitioner is impugning a Notice dated 19.03.2020 issued under section 148 of the Income Tax Act, 1961 (said "Act") for AY 2013-14, seeking to reopen Petitioner's assessment. The notice has been issued after expiry of four years from the relevant Assessment Year and in this case, assessment under se....

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....o tax, has escaped assessment. In our view, Respondents have failed to prove that there was any failure by Petitioner to truly and fully disclose material facts. 3. Moreover, the notice to reopen is issued purely based on change of opinion. This is because the Assessing Officer, prior to passing the original assessement order raised a query vide communication dated 23 November, 2015, specifical....

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.... 7. Has any of your relative/ friend also purchased shares of M/s. Confidence Finance & Trading Ltd., 8. Whether the promoters of M/s. Confidence Finance & Trading Ltd., are you relative or friends. You are required to comply with the above details within seven days of receipt of this letter." 4. Petitioner replied by its letter 30 November, 2015. This letter was exhaus....

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....uld contain reference and / or discussion to disclose its satisfaction in respect of the query raised. As noted earlier, the very issue of Petitioner entering into transactions, relating to the scrip of Confidence Finance & Trading Ltd., was a subject of consideration by the Assessing Officer during the original assessment proceedings. It would, therefore, follow that re-opening of the assessment ....