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2015 (6) TMI 56 - ITAT MUMBAIReopening of assessment - reasons for assessment reopened are identical to the objections of the audit party - tangible material i - Held that:- Reasons for which the assessment is sought to be reopened are identical to the objections of the audit party and therefore the reasons did not rely upon any tangible material in the audit report but merely upon an opinion and the existing material already on record. This itself indicates that there is no independent application of mind by the A.O. before issuing the notice u/s 148 of the Act. The facts in the case before us are identical to that of the case of ICICI Home Finance Ltd. (2012 (8) TMI 312 - BOMBAY HIGH COURT), therefore, following the judgment above as well as in the case of Asian Paints Ltd. (2008 (7) TMI 237 - BOMBAY HIGH COURT), we hold that the A.O. has reopened the assessment without any application of mind and accordingly the reopening is not sustainable in law. Hence, we quash the reassessment for both the assessment years. - Decided in favour of assesse.
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