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2014 (3) TMI 392 - HC - Income TaxReopening of Assessment – Claim of depreciation was not considered earlier - Held that:- The revenue has met with both the grounds of the petitioner - the original file containing the reasons recorded shown - statement cannot be read out of context and in any case as explained in the affidavit would not mean that the reasons were not recorded before issuance of notice - The original assessment was not framed after scrutiny - The issue of depreciation on meters and capacitors therefore was never examined by the Assessing Officer - The question of change of opinion therefore would not arise. Relying upon Assistant Commissioner of Income Tax vs. Rajesh Jhaveri Stock Brokers P. Ltd. reported in [2007 (5) TMI 197 - SUPREME Court] - reopening in such a case would be permissible - The additional legal contentions raised by the assessee are based on factual matrix, foundation for which has not been laid in the petition - if there is no sanction as required under section 151 of the Act, the reopening would still be permissible – the findings of the ITAT upheld – Decided against Assessee.
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