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2022 (2) TMI 347 - HC - Income TaxReopening of assessment u/s 147 - Admissibility of deduction u/s. 80 HHC - HELD THAT:- Reasons do not indicate that there was failure on the part of Petitioner to truly and fully disclose any material fact. AO is relying on the same material facts already filed and considered by the Assessing Officer who passed the original assessment order - the entire basis for reopening as could be seen from the reasons is change of opinion and as has been held time and again by various Courts, Respondent can not propose to reopen assessment on the basis of change of opinion - Assessing Officer has passed assessment order considering materials on record and taken a conclusive view. To reopen the assessment based on same material with a view to take another view, is not permissible. Moreover, in this case, there is simply a general statement in the reasons that assessee has failed to disclose fully and truly all material facts necessary for its assessment. In our view, this statement is clearly made only as an attempt to take the case out of the restrictions imposed by proviso to section 147 of the Act. According to the reasons recorded, there was an error on the part of AO because the qualifying amount for deduction under section 80HHC ought to have been determined after allowing set-off of brought forward losses against the adjusted profit of the business. An error discovered on a reconsideration of the same material does not give power to the AO to reopen the assessment - Decided in favour of assessee.
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