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2014 (9) TMI 990 - AT - Income TaxValidity of reassessment under section 147 - inclusion of increase in CENVAT credit to closing stock of raw materials - Held that:- On the basis of the reply of the Assessee filed before A.O it is thus seen that the A.O was aware of the method of accounting followed by the Assessee for valuation of closing stock and after having examined the issue and on being satisfied with the material produced and the explanation of the Assessee, the A.O did not make any addition on account of unutilized CENVAT credit. Similarly the submission of the Assessee with respect to prior period expenses was also accepted by the A.O without making any addition during the course of original assessment proceedings and it can thus be said that A.O had formed an opinion during the scrutiny assessment. Thus in the present case and on considering the aforesaid facts, we are of the view that the impugned notice for reassessing the assessment year 2008-09 is issued merely on change of opinion and seeks to review the assessment which is already completed and the same in not permissible as per law. We thus set aside the notice of reopening the assessment dated 28.03.2011 and also all consequential orders. Since the ground of Assessee has been allowed and the re-assessment is held to be not valid.- Decided in favour of assessee.
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