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2012 (8) TMI 806 - HC - Income TaxRe-opening of assessment - Held that:- As that power to reopen an assessment is not a power to review an assessment the power to reassess has to be exercised only on fulfilment of certain pre conditions such as tangible material to come to a conclusion that there has been escapement of income - As in the present notice, it is an admitted position that facts had been disclosed and the AO passed his order of assessment on 28/3/2003 for the assessment year 2000-01. Further, the issue on which the assessment is being sought to be reopened was considered by the AO and accepted by his order dated 28/3/2003 and the present proceedings emanating from the notice dated 28/12/2004 under Section 147/148 is bad in law as the same is based on mere change of opinion - in favour of assessee.
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