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2018 (6) TMI 1170 - AT - Income TaxReassessment proceedings - reasons to believe - reopening based on information of Investigation Wing - Held that:- The reopening after four years from the end of the assessment year completed under section 143(3) is not permissible without satisfying the condition precedent as provided under the provisions of section 147 of the Act. The subsequent information received by the AO cannot remove or relax the said condition provided under the provisions of section 147 that the assessee failed to disclose fully and truly all the material necessary for assessment. When the AO has already conducted an enquiry on the issue and the assessee is not expected to furnish more than what was already furnished during the assessment proceedings, then the reopening based on the information from the Investigation Wing on the same issue is nothing but change of opinion and to review the order passed by the AO under section 143(3) which is not permissible under law. Once the assessment was completed by rejecting the books of account and G.P. rate was estimated then trading accounts including the purchases stood merged in that estimation of the income and any further action U/s 148 of the Act for the reason that certain purchases were not verifiable shall amount to change in opinion which is not permitted by law. See ACIT Vs. ICICI Securities Primary Dealership [2012 (8) TMI 754 - SUPREME COURT] - Decided in favour of assessee.
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