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2016 (9) TMI 1571 - AT - Income TaxReopening of assessment u/s 147 - addition on account of excise duty expenses paid on capital goods purchased - CIT(A) was of the considered view that the AO has no new material to form the opinion that the income has escaped assessment no new facts, either by the audit party or by the AO, have been brought on record - HELD THAT:- It is not even in dispute that any fresh material or information came to the light suggesting that an income has escaped assessment. All the relevant material was before the AO at the stage of the original assessment itself. The only new input is an audit party objection which the AO himself has not accepted. Once the AO contests the audit objection and continues to hold the belief as he had at the time of original assessment proceedings, but reopens the assessment proceedings as a measure of abundant caution nevertheless, it cannot be said that the AO had any reasons to believe that an income has escapade assessment- a belief which is a sine qua non for reopening the assessment. As also bearing in mind entirety of the case, uphold the action of the CIT(A), in quashing the reassessment proceedings, and decline to interfere in the matter. Appeal is dismissed.
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