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2018 (11) TMI 791 - AT - Income TaxReopening of assessment - deduction u/s 80P(2) - proceedings initiated u/s 154 - Held that:- The reassessment notice has been issued for virtually the same reasons for which rectification proceedings had earlier been initiated but dropped. AO has not disclosed any new materials for reopening assessment. Assessment cannot be reopened merely on change of opinion, as has apparently been done in this case. AO on being satisfied that there was no apparent error in computation of income, on the basis of existing records, dropped the rectification proceedings. In the absence of any new and/or fresh materials and in the absence of any reason for formation of belief that even otherwise, income had escaped assessment even though there was no apparent mistake or error, the Assessing Officer lacked jurisdiction to issue the impugned notice. See BERGER PAINTS INDIA LTD. VERSUS COMMISSIONER OF INCOME-TAX [2004 (2) TMI 4 - SUPREME COURT] - Decided in favour of assessee.
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