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2014 (11) TMI 184 - HC - Income TaxReopening of assessment u/s 148 – Excess depreciation allowed or not - Jurisdiction for reopening – Change of opinion - Whether during the survey proceedings u/s 133A of the Act certain facts emerged which give reason to believe that the claim for depreciation on intangible assets was based on incorrect valuation - Held that:- The Assessment order u/s 143(3) of the Act for AY 2009-10 was passed on 26 December 2012 while Assessment Order under Section 143(3) of the Act for AY 2010-11 was passed on 12 December 2012 by the AO - The survey proceedings took place thereafter in September 2013 - During the survey proceedings under Section 133A of the Act statement of Managing Director of the petitioner as well as Chartered Engineer who valued the intangible assets were recorded - In his statement the Managing Director stated that he was ready to withdraw 50% of the claim for depreciation for AY 2009-10 and 2010-11 subject to fresh valuation of the intelligible assets - The acceptance of the Managing Director is itself sufficient tangible material for the AO to reopen the assessment for the purpose of considering the assessee's claim with regard to valuation of intangible assets and the claim for depreciation – the notices have not been issued on the basis of change of opinion but on the basis of fresh tangible material obtained during the survey proceedings after the assessment orders u/s. 143(3) of the Act for A.Y.2009-10 and 2010-11 were passed – thus, there was no reason to interfere with the notices – Decided against assessee.
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