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2015 (2) TMI 1334 - AT - Income TaxRe-opening u/s.147 - Review v/s reopening - return was processed u/s. 143(1) - unexplained cash credit - bogus expenditure - HELD THAT:- In the case in hand, the return was processed u/s. 143(1) of the Act but the same had attained finality due to the expiry of limitation period of twelve months from the end of the month in which the return was filed. Hence, the assessment is deemed to be completed. Merely because assessment was framed u/s.143(1), it will not lead to the conclusion that the requirement of Section 147 with regard to “reasons to believe” can be dispensed with when the finality of intimation u/s.143(1) is sought to be disturbed as held in the case of Orient Craft Ltd. [2013 (1) TMI 177 - DELHI HIGH COURT] and Kelvinator (I) Ltd. [2010 (1) TMI 11 - SUPREME COURT] Assessing Officer has no power to review; he has the power to re-assess. As observed above, the reopening and reassessment in this case was nothing, but, the review u/s 143(3) of the Act in the garb of the provisions of section 147 of the Act, which was not permissible in view of the law laid down by the Hon’ble Supreme Court in the case of “CIT vs. Kelvinator of India Ltd.” (supra). Even otherwise, in the case in hand, the issue upon which the reopening was done and the issue on which the addition was made were diagonally opposite to each other. The reopening was done on the suspicion of bogus billing allegedly arranged from Suryodaya Company i.e. the issue of bogus expenditure, which otherwise was proved to be wrong, however the addition has been made in respect of Share application money received i.e. in respect of unexplained cash credits. We annul the reopening of assessment u/s.147 of the Act. - Decided in favour of assessee.
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