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2017 (2) TMI 513 - HC - Income TaxReopening of assessment - assessee is not entitled to benefit of cost of acquisition of land as claimed by the petitioners during the regular assessment proceedings - Held that:- The jurisdiction to issue a reopening notice would arise if the Assessing Officer has reasonable belief that the income chargeable to tax has escaped assessment. This belief cannot be based on mere change of opinion i.e. the issue of reopening notice as recorded in the reasons was subject matter of consideration in the regular assessment proceedings. This for the reason that the power to reopen an Assessment is not a power to review an order. The Supreme Court in CIT vs. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT OF INDIA ] has held that 'reason to believe' in Sections 147/148 cannot include power to reopen assessment on mere change of opinion. The Court observed that reassessment is different from Review. We find that both CIT (A) as well as the Tribunal have on facts held that the issue raised in reopening notice was subject matter of consideration in the regular assessment proceedings leading to an order under Section 143(3) of the Act. Therefore, it is clear case of change of opinion. Nothing has been shown to us that the concurrent findings of the CIT (A) and the Tribunal is perverse.
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