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2017 (11) TMI 1033 - HC - Income TaxReopening of assessment - “reasons to believe" - change of opinion - Held that:- What is the “tangible material” which compelled the AO, in all these four cases, to issue the impugned reassessment notices? None absolutely. This is not a case of the kind visualized, in Phoolchand (1993 (7) TMI 1 - SUPREME Court), where something relating to a past year comes to light in the course of assessment in a later assessment year; nor is the revenue arguing that some new and significant information about concealment of income brought to light. The revenue is indulging in fishing, by way of scrutinizing again, something that had been specifically gone into, i.e the character of income and the extent of deduction claimed. Now, Usha International (2012 (9) TMI 767 - DELHI HIGH COURT) referred to by the revenue itself points out that if some aspect, vital or important, is overlooked during assessment, per se the remedy are not reassessment, but rather, the corrective jurisdiction under Section 263. That such jurisdiction cannot be exercised for some reasons, would not entitle the revenue to resort to reassessment, which in this case, is nothing but impermissible review. Considering that the reassessment is premised on reasons which were explicitly gone into (evident from queries to the assessee during the original assessment) for previous years, in the three writ petitions, the notices are clearly unsustainable. Non issue of notice - As far as one year, goes additionally, the court notices that reassessment is not permissible, for the reasons articulated in Silverline (2015 (11) TMI 809 - DELHI HIGH COURT). There is no dispute that the revenue had issued a notice under Section 143 (2) but failed to complete the assessment. In these circumstances, the notice is not sustainable on this ground as well. Assessee appeal allowed.
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