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2018 (7) TMI 1316 - AT - Income TaxReopening of assessment - allowability on “loss on sale of stores” - Held that:- Assessing Officer had raised specific questions vide requisite notice dated 15.10.2010 with respect to allowability on “loss on sale of stores” and that the assessee had explained the same – without any follow-up question by the Assessing Officer in this regard, in our considered view, the Assessing Officer had indeed formed an opinion about the deductability of loss on sale of stores. It is also not in dispute that no new material has come to the light on account of which the present assessment proceedings were reopened. The reopening was clearly on account of change of opinion by the Assessing Officer – something which is impermissible under the scheme of the Act and in the light of binding judicial precedent. Respectfully following the esteemed views in the case of Gujarat Power Corpn. Ltd. (2012 (9) TMI 69 - GUJARAT HIGH COURT), we uphold the grievances of the assessee
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