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2013 (11) TMI 581 - HC - Income TaxRe-opening of assessment u/s 147 by issuing the notice u/s 148 of the Income Tax Act – Held that:- Reliance has been placed on the judgment in the case of Adani Exports Vs. Dy. CIT [1998 (12) TMI 51 - GUJARAT High Court], wherein it was held that it is wellsettled that it is only the AO whose opinion with respect to the income escaping assessment would be relevant for the purpose of reopening of closed assessment. Mere opinion of the audit party cannot form the basis for the AO to reopen the closed assessment that too beyond four years from the end of relevant assessment year – Following the above, it has been held in the present case that it was a colourable exercise of jurisdiction by the Assessing Officer by recording the reasons for which he obviously had no conviction, had initiated the reassessment proceedings solely at the instance of the audit party which cannot be sustained –Decided against the Revenue.
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