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2017 (9) TMI 477 - AT - Income TaxReopening of assessment - change of opinion - entitled to benefit of the provisions of section 11 - Held that:- The assessee had renewed certain earlier fixed deposit and same had no connection with the compensation received on sale of plot of land. After considering the above submissions of the assessee and after deliberating upon the documents furnished by it, the AO had passed scrutiny assessment. He had formed an informed opinion that it was entitled to benefit of the provisions of section 11 of the Act and that it had made investment on sale of one kind of assets in other assets within the stipulated time and in prescribed manner. Later on, he issued a notice u/s. 148 of the Act and has reappraised the same facts and has reached on a different conclusion. In our opinion, it is a clear case of change of opinion. Not only this, there is no failure on part of the assessee to disclose fully and truly the material facts for the year under appeal, as it had filed all the details of the impugned transaction. Considering the peculiar facts and circumstances of the case, we are of the opinion that there was no failure on part of the assessee to disclose fully and truly the material facts, so, the reassessment proceedings, initiated by the AO in its case under appeal, are not valid. Reversing the order of the FAA, we decide the first effective ground of appeal in favour of the assessee. Reassessment proceedings were invalid, so, we are not deciding the other issues raised by the assessee. - Decided in favour of the assessee.
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