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2022 (2) TMI 1228 - HC - Income TaxReopening of assessment u/s 147 - eligibility of reasons to believe - HELD THAT:- Reassessment order merely reproduces the notice under Section 147 of the IT Act as a reasoning of the AO which was entirely based on a reappreciation of the accounts. In other words, there was no new material on the basis of which the AO could have formed a subjective satisfaction as to income that supposedly escaped assessment. This Court is unable to sustain the impugned assessment order since in the considered view of the Court it is not based on any new material and constitutes a mere change of opinion of the AO. In view of the Petitioner's succeeding in the second point, the Court does not consider it necessary to examine the effect of non-compliance by the Department of the mandatory requirement of the law explained by the Supreme Court in GKN Driveshafts (India) Ltd. [2002 (11) TMI 7 - SUPREME COURT]. The impugned assessment order and the consequential demand notice are hereby quashed. The writ petition is allowed.
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