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TMI Blog2022 (4) TMI 624X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer. It would therefore, follow that reopening of assessment by the impugned notice dated 31.03.2021 is merely on the basis of change of opinion of the Assessing Officer from that held earlier during the course of assessment proceedings. This change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment. - Decided in favour of assessee. - WRIT PETITION NO. 1021 OF 2022 - - - Dated:- 5-4-2022 - K.R. SHRIRAM N.R. BORKAR, JJ. Mr. Sukhsagar Syal i/b Mr. Govind Javeri for the Petitioner. Mr. Akhileshwar Sharma for the Respondent - Revenue. P.C. 1] Petitioner is impugning notice dated 31.03.2021 issued by respondent No.1 under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sallowed. XXXXXX 4] It is settled law, as held by this Court, apex Court and various other Courts, that reopening of assessment completed under section 143(3) of the Act cannot be based on change of opinion. Moreover since more than four years have expired from the end of relevant assessment year, proviso to section 147 of the Act would apply. As per the proviso, there is a bar to reopening assessment unless petitioner has failed to disclose truly and fully material facts required for assessment. 5] Mr. Syal submits that as it could be seen from the reasons quoted above, it is a clear cut case of change of opinion and there is not even an allegation that there is failure on the part of petitioner to disclose truly and fully all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns in support of the notice seeking to reopen assessment. Therefore, it will certainly be fatal to the assessment of jurisdiction under sections 147 and 148 of the Act. 8] Moreover, it is case of respondent itself that while going through the case record, it revealed that assessee has claimed deduction on account of notional foreign exchange loss which deduction should not have been disallowed during assessment proceedings. Mr. Syal submits that during the course of assessment proceedings there was a query raised regarding details of exchange loss which have also been provided by petitioner through it s Chartered Accountant s letters dated 16.12.2016 and 19.12.2016. 9] As held by this Court time and again and particularly in Aroni ..... X X X X Extracts X X X X X X X X Extracts X X X X
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