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2013 (4) TMI 452 - HC - Income TaxReassessment U/s 147 - Ground is change of opinion - Capitalization of interest on capital work in progress and on addition to fixed assets - Held that:- Since the notice is based upon application of law, which has the effect on the total income computed by the assessee, the same cannot be said to be without jurisdiction which may warrant interference by the Writ Court at the threshold. We do not find that this Court in the writ petition at the stage of issuance of a show cause notice can return a finding on the basis of inference drawn by the petitioner - Since the assessment order does not deal with either allowance or disallowance of interest capitalized, therefore, it cannot be said that the Assessing Officer is seeking to re-open the assessment only on mere change of opinion Consequently, we do not find any reason to quash the show cause notice at this stage. Hence, the present writ petition is dismissed - It shall be open to the assessee to raise all pleas as are raised before this Court in the proceedings for re-assessment
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