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2018 (11) TMI 1925 - AT - Income TaxReopening of assessment u/s 147 - change of opinion - assessee is not eligible for deduction u/s 80IB(10) - HELD THAT:- We find that the reopening of the assessment is within a period of 4 years from the end of the relevant assessment year and the initial assessment was u/s 143(1) and not u/s 143(3) of the Act. As regards the change of opinion is concerned, we find that the A.O. has perused the assessment record to observe that the built up area of each of the residential units is more than 1500 sq. ft and that the assessee is not eligible for deduction u/s 80IB(10). Therefore, it is clear that the formation of belief is from the material on record only and that no fresh tangible material had come to the knowledge of the A.O. to reopen the assessment. In the case of Orient Craft Ltd [2013 (1) TMI 177 - DELHI HIGH COURT] has clearly held that even an assessment done u/s 143(1) of the Act, can be reopened u/s 147 only if the AO had tangible material which has come to his knowledge, subsequent to such an assessment u/s 143(1). We hold that the reopening of the assessment which is completed u/s 143(1) of the Act is not sustainable without there being any tangible material that has come to the knowledge of the A.O. - Decided in favour of assessee.
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