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2014 (7) TMI 457 - ITAT DELHIReopening of assessment u/s 147 of the Act – Mere change of opinion – Held that:- The AO had required the assessee to explain as to why income from bonded warehouses be not accounted for on accrual basis - The relevant point regarding accrued income from bonded warehouse had been disclosed in note no. 11 of the notes forming part of the accounts which were available in the printed accounts of the Corporation – AO completed the assessment after considering the assessee's reply - it was clearly a case of change of opinion to tax the income from bonded warehouses on accrual basis which is not permissible as decided in Commissioner of Income Tax, Delhi Versus M/s. Kelvinator of India Limited [2010 (1) TMI 11 - SUPREME COURT OF INDIA] - the reopening has been done after four years of the close of re-assessment year in 2011 and therefore, it could be done only if assessee failed to disclose fully and truly all material facts necessary for assessment - From the query raised by AO and reply filed by Assessee it is evident that there was no failure on the part of assessee to disclose that the income from bonded warehouses was accounted for on realization basis and not on accrual basis – Decided against Revenue.
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