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2012 (12) TMI 118 - AT - Income TaxValidity of reassessment proceeding on the basis of change of opinion - Held that:- If the entire material had been placed by the assessee before the AO at the time when the original assessment was made and the AO applied his mind to that material and accepted the view canvassed by the assessee, then merely because he did not express this in the assessment order, that by itself would not give him a ground to conclude that income has escaped assessment and, therefore, the assessment needed to be reopened - facts were before the AO at the time of framing the original assessment, and later a different view was taken by him or his successor on the same facts, it clearly amounts to a change of opinion. This cannot form the basis for permitting the AO or his successor to reopen the assessment of the assessee - initiation of reassessment proceeding is based merely on “change of opinion” - initiation of reassessment proceeding was bad also on account of applicability of proviso to sec. 147 – in favor of assessee
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