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2020 (1) TMI 494 - AT - Income TaxValidity of reassessment proceedings u/s 147 - assessment was sought to be reopened after expiry of four years from the end of the relevant assessment year - HELD THAT:- From the perusal of the assessment order, it is clear that the Assessing Officer had not made reference to any tangible material nor which has come to his notice after completion of original assessment which enable the Assessing Officer to form an opinion that income escaped assessment. Therefore, it can be safely concluded that reassessment proceedings was initiated based on materials already available on record. It is a case of mere change of opinion on the same set of information/material. The other requisite condition to be satisfied in case where the reopening is sought after expiry of four years from the end of the relevant assessment year is that there should be failure on the part of the assessee to disclose all material facts which are necessary for the purpose of assessment. In the present case, admittedly, there is no allegation by the Assessing Officer that there is any such failure on the part of the assessee. Therefore, we are of the considered opinion that Assessing Officer was not justified in initiating reassessment proceedings. See M/S. SCHWING STETTER INDIA P. LTD. [2015 (6) TMI 497 - MADRAS HIGH COURT] - Decided in favour of assessee.
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