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2014 (12) TMI 1198 - AT - Income TaxReopening of assessment - disallowance of sundry expenses - Held that:- From the perusal of the reasons recorded it can be seen that the AO is noting the facts from the accounts of the assessee that amount debited under the head sundry expenses on account of intangible assets interest charges return off for HVDC project. He held such an expenditure has to be treated as capital expenditure. Such a reasons definitely amount to “change of opinion” as the final account was very much available and examined by the AO at the time of the passing of the original assessment proceedings. It has a tribe law that u/s 147 and the assessing officer has no power to review completed assessment merely on the ground that its difference of opinion can be formed. Without there being any tangible material such a completed assessment cannot be reopened. The Hon’ble Supreme Court in the case of CIT Vs. Kelvinator of India Ltd. (2010 (1) TMI 11 - SUPREME COURT OF INDIA) has categorically held that merely on the “change of opinion”, the assessment completed cannot be reopened thus the finding of the Ld.CIT(A) has noted above has based on settled legal proposition and accordingly the same is confirmed. - Decided in favour of assessee.
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