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2023 (8) TMI 97 - DELHI HIGH COURTValidity of reopening of assessment u/s 147 - reliance on audit objection - tangible material to trigger reassessment - Tribunal ruled in favour of the assessee as AO had not recorded his satisfaction that income chargeable to tax had escaped assessment. HELD THAT:- The respondent/assessee had made full disclosure relating to why it had debited the expenses incurred by it, i.e., on software development for business purposes, in the note appended to the computation of income in the return of income filed qua the relevant AY. There is no dispute about the fact that the original assessment was completed under Section 143(3) of the Act, via order dated 24.04.2005. Given this factual position, we are in agreement with the view taken by the Tribunal, that this was a case of change of opinion and, therefore, the reassessment proceeding could not have been triggered merely on the basis of audit objection, without any fresh tangible material. No substantial question of law arises for our consideration.
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