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2015 (4) TMI 635 - HC - Income TaxReopening of assessment - whether Tribunal was justified in upholding the legality of reassessment u/s.147 which sought to reopen a completed scrutiny assessment u/s.143(3) on the basis of audit objection and mere change of opinion on the same set of evidence and record - Held that:- If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year) : Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under subsection (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year: Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year: Provided also that the Assessing Officer may assess or reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped assessment. The aforesaid provisions are clear and unambiguous. We find that by invoking the provision of Section 147 of the Act, the successor Assessing Officer has simply sat over the decision of the earlier Assessing Officer passed u/s.143(3) with respect to the issues sought to be covered u/s.147 of the Act. Hence, the CIT(A) was completely justified in anulling the order of the successor Assessing Officer. Decided in favour of the assessee.
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