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2013 (10) TMI 970 - ITAT CHENNAIValidity of re-opening u/s 147 of the Income Tax Act – Held that:- Assessing Officer had considered the aspect of the difference between the amounts shown in the TDS certificates issued by M/s. Deutsche Bank and what was accounted by the assessee. Explanation in this regard was furnished by the assessee. Once a query was raised and a reply was given and the extract of such reply was stated in the assessment order, therefore, it cannot be said that the Assessing Officer had not applied his mind. He had indeed applied his mind and came to a conclusion that the difference stood reconciled. There is no new tangible material available with the Assessing Officer for coming to a conclusion that reconciliation given by the assessee was wrong or incorrect. Based on the very same set of records, AO had formed a different opinion for initiating a reassessment. Change of opinion cannot be a basis for reopening as held by the Hon'ble Full Bench of the Delhi High Court in the case of CIT Vs. Kelvinator of India Ltd. [2002 (4) TMI 37 - DELHI High Court] which was affirmed later by the Hon'ble Supreme Court in CIT VS. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT OF INDIA]. Especially so, where four years had elapsed from the end of the assessment year. There is no case for the Revenue that the assessee had failed to furnish full and true information as required under the Act – Re-opening of assessment has rightly been quashed – Decided against the Revenue.
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