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2008 (7) TMI 1008 - HC - Income TaxReopening of the assessment u/s 148 - time limitation - change of opinion - after the expiry of four years of the completion of the original assessment - beyond time-limit provided in the proviso to s. 147 - deduction on interest - Tribunal set aside the order of the CIT(A) and annulled the assessment proceedings without going into the merits of the case - HELD THAT:- We are of the view that we cannot find fault with the reasoning given by the Tribunal in non-suiting the Revenue for reopening the assessment. After extracting the relevant provision, viz., s. 147 of the IT Act and the proviso thereto, the Tribunal has recorded a clear finding to the effect that the assessee has truly and fairly disclosed the facts regarding interest vide item No. 3 in the note forming part of the return. Having recorded the above findings, the Tribunal had also referred to the judgment of this Court in the case of Apollo Hospitals Enterprises Ltd. vs. Asstt. CIT [2006 (6) TMI 88 - MADRAS HIGH COURT] to sustain their view point. Therefore, it is manifestly clear that particulars about the claim of interest amount are very much available before the AO while he was framing the original assessment, and after taking into consideration the claim on interest in respect of the abovesaid amount, the original assessment was framed. The subsequent reopening of the assessment is nothing but in our considered view also a mere change of opinion to follow the earlier year assessment order, which is not the reason for reopening of the assessment u/s. 147 of the IT Act. Further, the reopening of the assessment cannot also be brought within the exemption stated therein for reopening after the period of four years. Hence, the appeals are dismissed as no question of law, much less, a substantial question of law, has to be decided by this Court.
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