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2021 (9) TMI 1456 - AT - Income TaxReopening of assessment u/s 147 - Reason to believe - Change of opinion - HELD THAT:- We are in Assessment Year 2010-11 wherein the AO had framed his section 143(3) regular assessment followed by recording of the foregoing reasons culminating in issuance of section 148. This impugned reopening therefore has been initiated beyond the specified period of four years from the end of the relevant assessment year in light of section 147(1) 1st proviso. The said proviso stipulates that such a reopening would only be initiated if it is found that the assessee had not disclosed all the relevant particulars “fully” and “truly” before the AO in the first round. CIT DR to dispute that the AO’s sole reopening reason has placed reliance on the assessee's books only regarding “reversal on account of cancellation and price revision”. We therefore quote hon’ble Bombay high court’s landmark decision in Hindustan Lever Limited Vs. R.B. Wadekar[2004 (2) TMI 41 - BOMBAY HIGH COURT] that an AO’s reopening reasons have to be read on standalone basis; as it is, without any scope of further improvement at a latter stage by way of addition, deletion or substitution therein. We thus quote that to conclude that the impugned reopening has been rightly quashed by the CIT(A) as a mere change of opinion only. Revenue’s appeal is dismissed.
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