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2011 (1) TMI 884 - HC - Income TaxIncome escaping assessment - change of opinion - held that:- the respondent has nowhere stated that the corrected computation submitted by the petitioner is incorrect or that the petitioner is not entitled to be taxed on the said income. - The only ground for re-opening is that the petitioner was not entitled to file revised statement beyond the statutory period under section 139(5) of the Act and the Assessing Officer was not justified in accepting the corrected statement and making assessment accordingly. - The decisions referred to in the order recording reasons can, in no manner, be said to be tangible material so as to justify initiation of proceedings under section 147 of the Act. Thus, in effect and substance, the re-opening is based on a mere change of opinion and as such, the impugned notice under section 148 of the Act as well as all proceedings pursuant thereto cannot be sustained. - Decided in favor of assessee.
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