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2012 (9) TMI 322 - AT - Income TaxValidity of reopening of assessment earlier framed u/s 143(3) after expiry of four years from the end of the relevant AY - assessment reopened on ground that amount surrendered on account of excess stock and excess cash is an unexplained investment in the stock and unexplained money and is deemed income of the assessee u/s 69 and 69A - assessee had claimed remuneration to the partners against the income surrendered by the assessee firm at the time of survey operation u/s 133A(1) - Held that:- At the very outset, it is observed that initiation of re-assessment proceedings was based on change of opinion of the AO which is not permissible in law. It is an admitted fact that the assessee has fully and truly disclosed all material facts necessary for assessment at the time of filing of return and also during the course of assessment proceedings and the assessment was completed u/s 143(3). It is well settled law that re-assessment proceedings cannot be initiated merely by fresh application of mind of the Assessing Officer to same set of information which is nothing but change of opinion, which is not permissible under the law. There was no material or information which had come to possession of Assessing Officer after completion of the original assessment to justify the reopening - Decided in favor of assessee
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