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2014 (11) TMI 893 - BOMBAY HIGH COURTValidity of notice for reopening of assessment u/s 148 Proper examination made by AO Change of opinion - Held that:- The notice was issued beyond the period of 4 years from the end of the relevant AY i.e. A.Y. 2000-01 - in the computation of income the petitioner had specifically put in a note that the claim of exemption u/s 10(33) of the Act on the dividend income of ₹ 2.28 crores is made assessee had fully and truly disclosed all the facts relevant to assessment viz. that it was in business of trading in shares and securities as well as the fact that the dividend received by them is claimed as exempted u/s 10(33) there was no reason which indicates any failure on the part of the petitioner to disclose fully and truly all material facts necessary for assessment - there was a clear examination done by the AO of the nature of the dividend being claimed to be exempt u/s 10(33) of the Act. Therefore, the impugned notice is bad as it proceeds on a clear change of opinion - non disposal of rectification application u/s 154 of the Act is inexplicable for over 10 years and no explanation is forth coming thus, the Revenue has given up/withdrawn its claim for rectification in view of the proceedings for reopening of assessment thus, the notice uis set aside Decided in favour of assessee.
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