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2014 (8) TMI 765 - AT - Income TaxReopening of assessment u/s 147 – Jurisdiction of AO to issue notice u/s 148 – Mere change of opinion - Reopening based on audit objection – Held that:- No new material or information has come into the possession of the AO which may be called as reason for the belief of the AO that income of the assessee has escaped assessment - Mere change of opinion cannot be said to be reason to belief for the AO that income of the assessee has escaped assessment – relying upon Asian Paints Ltd. Vs. DCIT [2008 (7) TMI 237 - BOMBAY HIGH COURT] - The reopening was done by the AO based on the same facts and circumstances especially on the basis of letter which was submitted by the assessee itself at the time of assessment proceedings u/s 143(3) of the Act and was duly considered and reproduced in the original assessment proceedings - it was a merely change of opinion of AO and cannot be said to be a valid reason, information material or belief which would justify reopening – thus, reopening of assessment was bad in law and is liable to be set aside – Decided in favour of Assessee.
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