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2012 (5) TMI 133 - HC - Income TaxNotice issued u/s 148 - unutilized CENVAT credit to be included in the value of closing stock - Held that:- The condition precedent for exercising power of reopening the assessment as provided in Section 147 and issue of notice u/s 148 is absent and the AO acted illegally in issuing notice of reassessment by forming a second opinion without having any "tangible material" to exercise jurisdiction - only the difference of opinion of the successor-in-office which has been the basis for reopening of the assessment cannot be accepted – the meaning of the expression "reason to believe" needs to be given a schematic interpretation, otherwise Section 147 giving arbitrary powers to the AO to reopen assessments on the basis of "mere change of opinion" which cannot be per se reason to reopen - in favour of assessee.
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