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2014 (7) TMI 953 - AT - Income TaxReopening of assessment u/s 148 – Addition of STCG made – Power of review - Held that:- The legislature has not conferred power on the AO to review its own order - the power u/s 147 cannot be used to review the order when nothing new had happened and no new material or information has come on record or received by the AO between the date of assessment order sought to be re-opened and the date of formation of opinion - following the decision in CIT v. Kelvinator of India Ltd. [2002 (4) TMI 37 - DELHI High Court] – thus, the re-opening is bad in law and consequently the re-assessment is quashed – Decided in favour of Assessee.
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