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2014 (7) TMI 912 - HC - Income TaxReopening of assessment u/s 148 Mere change of opinion - Held that:- In Hindustan Lever Ltd. v/s. R. B. Wadkar [2004 (2) TMI 41 - BOMBAY High Court] it has been held that the reasons recorded by the AO are for re-opening of the Assessment are alone to be considered to determine whether or not the AO had jurisdiction to issue notice under Section 148 of the Act - the reasons as indicating an excess grant of benefit u/s 36(1)(viii) of the Act to the assessee - the AO had applied his mind to the material available before him for purposes of considering the claim for deduction u/s 36(1)(viii) of the Act. Also in Commissioner of Income Tax v/s. Kelvinator of India [2010 (1) TMI 11 - SUPREME COURT OF INDIA] it has been held that it is not open to the Revenue to re-open an Assessment on the basis of mere change of opinion AO has no power to review under the shelter of re-opening of Assessment u/s 147/148 of the act - only because the conclusion arrived at earlier is erroneous would amount re-viewing the same material to come to possibly a different conclusion AO has allowed the deduction under Section 36(1)(viii) of the Act - It is not open to re-look at the same material only because it is subsequently of the view that the conclusion arrived at earlier, is erroneous Decided in favour of Assessee.
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