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2011 (12) TMI 70 - HC - Income TaxValidity of reopening the assessment u/s 148- change of opinion of assessing officer which has also not been based on any tangible material - Held that:- In the present case, it is apparent that the Assessing Officer taking a view from the communication dated 21 February 2006 of CBDT to the Chairman of IRDA had applied his mind to the claim of the assessee to exemption under clauses (15), (23G), (33) and (38) of Section 10. The exemption under clause (38) was specifically denied. The reasons for reopening the assessment merely postulate that the exemption under Section 10 was wrongly allowed. This is clearly a situation where there is a change in opinion by the Assessing Officer. There is no tangible material for the Assessing Officer to reopen the assessment. Consequently, it is held that the reopening of the assessment is contrary to law. - The Petition of the assessee is allowed.
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