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2015 (9) TMI 1417 - ITAT MUMBAIValidity of reopening of assessment - Held that:- On a perusal of the reasons recorded, it is very much evident that the Assessing Officer only upon revisiting the Balance Sheets filed with the original return of income and revised return of income, had formed the belief that there is under assessment of income. It is patent and obvious that no new material has come to the possession of the Assessing Officer after completion of the original assessment under section 143(3) of the Act. The Balance Sheet filed along with the original return of income as well as the revised return of income were part of the record when the assessment order under section 143(3) of the Act was originally passed by the Assessing Officer. Thus, the Assessing Officer having considered these materials while completing the original assessment, initiation of proceedings under section 147 of the Act on the basis of the very same material amounts to change of opinion. In the present case, it is apparent from the reasons recorded that there is no such material available before the Assessing Officer while he recorded his reasons for re–opening the assessment. That being the case, the re–opening of assessment on re–appreciation / review of same set of facts and material which were available at the time of completing assessment originally under section 143(3) of the Act, tantamounts to change of opinion, hence, not permissible in law. In view of the aforesaid, we hold that re–opening of assessment under section 147 of the Act in the present case is invalid - Decided in favour of assessee
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