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2014 (10) TMI 9 - HC - Income TaxValidity of notice for reopening of assessment u/s 148 – Held that:- A specific declaration in the notice that it was being issued after obtaining the necessary satisfaction of the Commissioner and Chief Commissioner of Income Tax was scored out - there was every reason to believe that no permission of the CIT or the Chief Commissioner was obtained before issuing the notice - in the absence of reasons on 30th January, 2013, the Commissioner could not have recorded satisfaction u/s 151 of the said Act. Revenue cannot act beyond the reasons furnished - The only basis for reopening the assessment was error in computation of the “indexed cost of acquisition on 1st April, 1981” - they are based on the opinion of an officer posted in Chennai - It is stated in the body of the reasons that it is based on such opinion - Therefore the assessment of the case of the assessee was sought to be reopened not on the basis of non-disclosure of income or concealment of income or under assessment of income but on a change of opinion. Relying upon Hindustan Lever Ltd. Vs. R.B. Wadkar, Assistant Commissioner of Income-Tax And Others (No.1) [2004 (2) TMI 41 - BOMBAY High Court] - the formal reasons given in support of reopening the case cannot be added to or subtracted from or improved in the affidavit-in-opposition - the assessment was sought to be reopened on a mere change of opinion, the change of opinion being with regard to estimation of the indexed cost of acquisition on 1st April, 1981 - an assessment cannot be reopened on a change of opinion – Decided in favour of assessee.
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