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2019 (8) TMI 737 - HC - Income TaxReopening of assessment u/s 147 - the notice u/s 148 on the basis of “on verification of records” is nothing but a chance of opinion - capital gain on property sold - inquiry was carried out during the original assessment - HELD THAT:- The AO has power to reopen the assessment, provided there is “tangible material” to come to the conclusion that there is escapement of income from assessment and the reasons must have a live link with the formation of belief. In the present case, there is no tangible material. The issuance of the impugned notice u/s.148 is nothing but mere change of opinion. In absence of any new tangible material available with the A.O., it is not open to the A.O. to change his opinion by issuing the notice of reassessment. From the reasons recorded it can be said that the original assessment is sought to be reopened in exercise of powers u/s 147/148 on change of opinion by the AO, which is not permissible more particularly when the original assessment is sought to be reopened after a period of four years from the end of the assessment year. Under the circumstances, the conditions stipulated under first proviso to section 147 are not satisfied and therefore, on the aforesaid ground alone, the impugned notice deserves to be quashed and set aside. In view of the above and applying the ratio laid down in the decisions referred and for the reasons stated above, present petition succeeds and the impugned notice dated 27/3/2018 issued by the respondent u/s 148 is held to be illegal, without jurisdiction, bad in law and deserves to be quashed and set aside
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