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2013 (7) TMI 381 - AT - Income TaxReopening of assessment - disallowance of deduction u/s 10B and addition towards difference in valuation of closing stock made - CIT(A) quashed reassessment orders - Held that:- As seen from the reasons given by AO except alleging that the assessee violated the provisions of section 80I(2) and the assessee has not received export proceeds within the time limit prescribed and it has suppressed the value of closing stock as on 31.3.2004, nothing has been mentioned on the failure of the assessee in disclosing fully and truly all material facts necessary for completion of assessment. AO did not point what details or material facts necessary for completion of assessment, the assessee had failed to disclose in the course of original assessment proceedings. Thus AO has merely reopened the assessment based on the materials which are already available on record and it is mere change of opinion and in case of change of opinion based on the facts already available on record, reassessment is not permissible under section 147 as decided in CIT Vs. Kelvinator of India Ltd. (2010 (1) TMI 11 - SUPREME COURT OF INDIA)& E.I. Dupont India Pvt. Ltd., & Another Vs. DCIT., (2013 (2) TMI 406 - DELHI HIGH COURT). Thus agreeing with the CIT(Appeals) that there was no failure on the part of the assessee in disclosing fully and truly all material facts necessary for completion of assessment - In favour of assessee.
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