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2016 (10) TMI 1134 - HC - Income TaxValidity of reopening of assessment - scrutiny of a valid “opinion” based upon tangible material - Held that:- Neither is the notice containing the reasons nor is the official file forthcoming about what the Assessing Officer meant by “an information in respect of a suspicious transaction” to qualify for a valid re-assessment notice in terms of the Supreme Court ruling in Kelvinator ( 2010 (1) TMI 11 - SUPREME COURT OF INDIA ). The notice or the materials should be objective i.e. apart from what exists. The ruling in Kelvinator (supra) is also clear that a change of opinion or review as it were based upon the existing materials with no more, is inadequate to justify reopening of a completed assessment. Furthermore, the materials on record show that in both the cases, the original assessments were completed under Section 143 (3). Having regard to all these facts, the court is of the opinion that the impugned notices and further proceedings cannot stand the test of law; they are hereby quashed. - Decided in favour of assessee.
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