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2014 (5) TMI 71 - AT - Income TaxValidity of re-assessment proceedings u/s 147/148 of the Act - full value of consideration u/s 50C of the Act - Held that:- There is no material available with the AO to form his opinion that income has escaped assessment - All material evidences were available at the stage of original assessment proceedings and the AO merely following the provisions of section 50C, as was not considered in the original assessment proceedings, reopened the assessment order - The assessee has disclosed all the facts which were known all along to the Revenue - Section 50C is not final determination to prove that it is a case of escapement of income - The report of approved valuer may give estimated figure on the basis of facts of each case - on mere applicability of section 50C would not disclose any escapement of income. Relying upon Commissioner of Income Tax Versus Kelvinator Of India Limited. [2002 (4) TMI 37 - DELHI High Court], Circular no.549 of CBDT has been followed and held that on mere change of opinion of AO cannot be a ground for re-assessment and that amendment of sec. 147 w.e.f. 1.4.89 has not altered the position - The AO at the original assessment stage considered all the documents and material produced before him and has accepted the cost of property as was declared by the assessee - on mere change of opinion, the AO was not justified in reopening the assessment - CIT(A) on proper appreciation of facts and law correctly quashed the reassessment proceedings – Decided against Revenue.
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