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2013 (5) TMI 642 - AT - Income TaxReopening of assessment - excessive loss claimed in respect of four projects undertaken - Held that:- As decided in Asian Paints (2008 (7) TMI 237 - BOMBAY HIGH COURT) that the legislature has not conferred power on the AO to review its own order. Therefore, the power u/s 147 cannot be used to review the order when nothing new has happened and no new material has come on record. Case of Kelvinator of India Ltd (2010 (1) TMI 11 - SUPREME COURT OF INDIA) squarely apply to the facts of the present case as the AO has initiated reassessment proceedings on the same facts which were available before him at the time of making assessment u/s.143(3) and no new material has come on the basis of which it could be said that he has reason to believe that income chargeable to tax has escaped assessment on account of failure on the part of the assessee to disclose truly and fully material of facts for the assessment. Also held in the case of ICICI Securities Primary Dealership Ltd (2012 (8) TMI 754 - SUPREME COURT) that when no new fact has come to the notice of the department, the accounts had been furnished by the assessee when original assessment was completed u/s.143(3) on a mere re-look, the Officer has come to the conclusion that the income has escaped assessment, is not permissible under the proviso to section 147 which speaks about a failure on the part of the assessee to make a proper return. Thus considering the present case there was failure on the part of the AO to consider material placed before him at the time of making assessment and on a re-look to the said material, AO cannot reopen the assessment and that too after the expiry of more than four years from the end of the relevant assessment year to rectify his own mistake. Thus the initiation of reassessment proceedings by the AO is not legal in the present case & notice issued u/s.148 to initiate reassessment proceedings is not valid and same is quashed.
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