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2021 (12) TMI 25 - HC - Income TaxReopening of assessment u/s 147 - Eligible reason to believe - change of opinion - Denial of deduction under Section 80P (2) - HELD THAT:- As in the present case, the Assessing Officer raised a specific query in the original assessment proceedings, to which Petitioner replied. Therefore it is clear that Assessing Officer in the original assessment proceedings was conscious of the issue involved of the eligibility of Petitioner to claim deduction under Section 80P (2) of the Act. The co-ordinate Bench of this Court has succinctly laid down the criteria for reopening of assessment within a period of 4 years in Jainam Investments [2021 (9) TMI 517 - BOMBAY HIGH COURT] by holding that the Assessing Officer cannot reopen the assessment even within four years merely on the basis of change of opinion. The Assessing Officer had no power to review the assessment, which has been concluded unless he has tangible material to come to the conclusion that there is escapement of income from assessment. For all these reasons, we are of the view that the exercise of jurisdiction under Section 148 of the Act in the present case is without any tangible material. - Decided in favour of assessee.
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