Change of opinion — The reopening of assessment by AO is invalid where AO had examined the question whether the loss in F and O transactions could be set off against the short-term capital gains by raising a specific query and it was only on being satisfied by the assessee’s reply that it could be set off, that in the assessment order passed under s 143(3) the AO accepted the assessee’s claim — as held by MumTrib in Chandrashekhar Karundia (HUF) v ITO — In favour of: The assessee.
The reasons recorded by the AO should have nexus or live link with the belief formed by him for reopening assessment.
Decided on: 16 September 2011.
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