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2015 (6) TMI 530 - AT - Income TaxReopening of assessment - CIT(A) quashed reopening - Held that:- CIT (A) has clearly mentioned that the escapement of income was not on account of failure on the part of the assessee to fully or truly disclose all material facts necessary for assessment. Further, there is nothing on record to suggest that there is a new material in possession of the Assessing Officer, indicating escapement of income, to initiate reassessment proceedings. Therefore, in the light of case of Madhukar Khosla vs. ACIT (2014 (8) TMI 568 - DELHI HIGH COURT), the Hon’ble Court has held that ‘if there is no “reason to believe” that the income has escaped assessment based on new “tangible material”, then the reopening of assessment amounts to impermissible review’ we hold that CIT (A) is justified in quashing the reassessment proceedings and we see no reason to interfere with the same. It is ordered accordingly. - Decided in favour of assessee.
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