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2020 (12) TMI 600 - AT - Income TaxValidity of Reopening of assessment u/s 147 - denying excess allowance of deduction claimed u/s. 54F - HELD THAT:- Reasoning for reopening as mentioned in the order sheet clearly shows that the same material which was considered by the AO in the original assessment order was again considered by the Assessing Officer in the re-assessment order and based on that, the reassessment proceedings were finalized and income of the assessee was computed denying excess allowance of deduction claimed u/s. 54F. The ground that inadvertently deduction was allowed u/s.54 of the Act, in our considered opinion, cannot be a ground to reopen the assessment, which was completed u/s.143(3) of the Act and as it appears from the order sheet, the assessee has appeared time to time and produced the documents as directed by the AO. If there is any advertent mistake pointed out by the AO, the same could have been rectified under section 154 of the Act and not reopening the assessment. Therefore, on reading of the order sheet, we find that the reopening of the assessment has no jurisdictional foundation and, therefore, the reassessment order is liable to be annulled. See M/S. KELVINATOR OF INDIA LIMITED [2010 (1) TMI 11 - SUPREME COURT] - Decided in favour of assessee.
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