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2023 (2) TMI 813 - BOMBAY HIGH COURTReopening of assessment u/s 147 - Deduction u/s 80P - reopening beyond the period of four years - Scope of change of opinion - HELD THAT:- AO did not have any tangible material with him based upon which he could form his reason to believe that income had escaped assessment. The entire basis for reopening is nothing but a change of opinion on the part of the A.O. that the benefit of deduction under Section 80P ought not to have been allowed at all. As between the date of the assessment order under Section 143(3) of the Act and the date when the reasons were recorded, there has been neither any change in law nor any new material has been shown to have come to the knowledge of the A.O. This therefore is nothing but a clear case of change of opinion. As reasons recorded do not at all alleged any such failure on the part of the assessee which was a condition prerequisite for invoking jurisdiction for reopening in addition to the condition of ‘reasons to believe’ as this was a case of reopening beyond the period of four years. For the reasons mentioned hereinabove, we have no hesitation in holding that in the facts and circumstances of the present case, the reopening of the assessment is unsustainable. Decided in favour of assessee.
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