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2018 (9) TMI 1865 - AT - Income TaxReopening of assessment u/s. 147 - validity of reason to believe - HELD THAT:- Reasons recorded clearly shows that there was no new tangible material in the hands of AO at the time of initiating reassessment proceedings u/s. 147 and at the time of issuing notice u/s. 148 therefore, it is a clear case of change of opinion on the same material which was before the AO at the time of original assessment proceedings. No hesitation to hold that the AO did not assume valid jurisdiction to initiate reassessment proceedings and to issue notice u/s. 148 as there was no new tangible material with the AO at the time of initiating said proceedings. Therefore hold that the initiation of reassessment proceedings and issuance of notices u/s. 148 and all subsequent proceedings in pursuant thereto are bad in law being initiated without having valid jurisdiction and the same deserve to be quashed and we hold so. Accordingly, legal Ground No.1 of the assessee is allowed and consequently, initiation of reassessment proceeding u/s. 147 of the Act and notice u/s. 148 of the Act along with all subsequent proceedings and orders are quashed.
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