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2015 (12) TMI 288 - AT - Income TaxReopening of assessment - whether advance was not a trading liability - cessation of liability - Held that:- Assessing officer did not invoke the provision of section 41(1) in the original assessment proceedings after being fully satisfied with the reply filed by the asseessee. Therefore, on the basis of same facts, without having any fresh tangible material, solely on the basis of audit objection, the invocation of provision of section 147 was not justified and was solely on the basis of change of opinion. As decided in DCIT & Anr. –vs.- Vikas Sharma reported in (2015 (3) TMI 600 - ITAT CHANDIGARH) Reasons recorded are based on same facts/information as was available on record, when the original assessment proceedings were conducted, that too after enquiry, since complete facts were available with the department and no new facts came into existence, reopening of assessment on identical facts is clearly a case of change of opinion and not sustainable. - Decided in favour of assessee.
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