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2023 (7) TMI 171 - AT - Income TaxReassessment proceedings u/s 147/148 - concept of “change of opinion” - Assessee received subsidy as financial support for encouraging setting up SHP Project from Government of Himachal Pradesh and Haryana - HELD THAT:- Assessee had disclosed details, nature and accounting of central subsidy sanctioned and released for setting up the small hydro project under Renewal Energy Scheme of the Ministry of New Renewal Energy, Government of India, but no addition was made by the A.O. after making detail examination of the documents. Thus, in our opinion, the reassessment proceedings are merely on the change of opinion of the Assessing Officer which the original assessment u/s 143(3) of the Act was completed after due consideration of the facts. It is well settled law that the Assessing Officer cannot invoke the provisions of Section 147 & 148 of the Act merely on the change of opinion wherein the original assessment u/s 143(3) of the Act was completed after due consideration of the facts. Thus reassessment proceedings initiated by the A.O. u/s 147/148 of the Act on mere change of opinion and review. Thus, we find merit in Ground No. 1 of the assessee. Applicability of amended provision of Section 2(24) sub-section (xviii) - HELD THAT:- As in the case of Pr. Commissioner of Income Tax Vs. Ankit Metal & Power Ltd. [2019 (7) TMI 878 - CALCUTTA HIGH COURT] held that the amendment to Section 2(24) w.e.f. 01.04.2016 is having prospective effect and held incentive subsidies are 'capital receipts' and is not an 'income' liable to be taxed in relevant assessment year 2010-11.
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