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2019 (2) TMI 530 - MADRAS HIGH COURTReopening of assessment - proof of fresh material or evidence brought on record - assessee did not disclose the details with regard to the reinsurance ceded to Indian Reinsurance Companies and Foreign Reinsurance Companies - Held that:- The information regarding reinsurance which was ceded by the assessee to both Indian and Foreign Reinsurance Companies were disclosed explicitly in Schedule 1A, 1B and 1C to the profit and loss account and information on foreign currency outgo during the respective years was disclosed in the director's report forming part of the financial statements which were filed along with return of income of respective years. The tax audit reports for the respective years also contained verification statement of auditor certifying the compliance by the assessee with TDS provisions. Thus, when the scrutiny assessment was completed by the AO u/s 143(3) of the Act, the information provided by the assessee in the aforementioned schedule to the profit and loss account was perused, the legal position was noted and the assessment was completed and therefore, in our considered view the Tribunal rightly set aside the reopening of the assessment on the ground that there was no fresh material or evidence brought on record and what was done was solely based on change of opinion. - Decided against revenue.
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