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2021 (6) TMI 242 - AT - Income TaxReopening of assessment u/s 147 - calculation of capital gain, wherein the consideration of the sale of the property in question was taken less than the guideline value - HELD THAT:- It appears that in the original assessment order the Ld. A.O had verified and examined the facts and documents and accordingly given its opinion on the facts. In fact the claim of exemption under section 54B of the Act was denied by the Learned AO in the original assessment proceeding on the premise that the new asset being the agriculture land was purchased by the appellant on 22.03.2011 i.e. after the date of filing of return under section 139(1) of the Act. Ultimately the issue was resolved by the CIT(A) in favour of the assessee in the appellate proceeding. But it appears that during the reassessment proceeding, on the similar issue, the AO had given his different findings. This clearly demonstrates that the matter did came for due consideration before the Learned AO and was in fact considered. When during the original assessment proceeding upon considering all aspect of the matters and upon proper application of mind the determination of amount of taxable income was made and the tax paid thereon, in the absence of any error and/or mistake being found merely for the sake of giving different opinion the learned AO is not permissible to change the earlier opinion. Neither any new material and/or information has been brought by the learned AO for reopening of assessment. When reopening has been done on the same set of facts/documents and/or information is by the Ld. AO in the instant case the same cannot be indulged which would amount to give premium to the authority exercising quasi-judicial function to take benefit of its own wrong. Apart from that while reopening no allegation was made by the learned AO of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment which is the primary condition to be fulfilled for reopening of assessment beyond 4 years from the end of the relevant assessment year as stipulated by the statutory provisions, the reopening cannot be said to be justified at all. The same, in our considered opinion is merely a change of opinion and therefore bad in law, void ab initio and without any jurisdiction and hence liable to be quashed. Thus in the absence of any new material which can lead to reassessment proceedings by the Ld. A.O particularly when the original assessment u/s. 143(3) of the Act was completed upon due consideration of the relevant materials made available by the assessee for adjudication of the same issue involved therein, we find no justification in such reassessment initiated by Ld. A.O which has rightly been considered in its proper perspective by Ld. CIT(A) - Decided in favour of assessee.
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