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2019 (10) TMI 660 - AT - Income TaxReopening of assessment u/s 147 - validity of reasons to believe - payment of purchases in cash - HELD THAT:- Same material which was considered by the AO in the original assessment order was again considered by the AO in the re-assessment order and based on that, the reassessment proceedings were finalized and income of the assessee was computed at ₹ 23,61,000/-. In our considered opinion, once the material/basis was considered and examined by the Assessing Officer in the original assessment proceedings, which is apparent from the finding recorded by the Assessing Officer in paragraph No.3, in our view, it is not permissible for the Assessing Officer for exercising powers u/s. 148 to reopen the assessment u/s. 147. Even in the original assessment, AO has also mentioned that the purchase vouchers were from unregistered concerns and self made and further mentioned that the payments for purchase of material and labour & wages were made in cash. Once, the same material was available, then it was not open for the Assessing Officer to reopen the assessment. Case followed M/S. KELVINATOR OF INDIA LIMITED [2010 (1) TMI 11 - SUPREME COURT] - Decided in favour of assessee.
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