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2022 (6) TMI 343 - AT - Income TaxValidity of reopening of assessment u/s 147 - Notice beyond 4 years - HELD THAT:- Hon’ble Delhi High Court in the case of Central India Electric Supply Co. Ltd. [2011 (1) TMI 89 - DELHI HIGH COURT] that there was no lack of disclosure by assessee inasmuch issue of enhanced compensation was settled only when Supreme Court pronounced its judgment and on receipt of enhanced compensation assessee had disclosed same in its return for that year. The Hon’ble Bombay High Court in the case of Sterling & Wilson P. Ltd [2021 (12) TMI 1092 - BOMBAY HIGH COURT] held that where assessee filed details regarding claim of depreciation on goodwill in original assessment proceedings and A.O after considering same, allowed said claim, initiation of reassessment to disallow depreciation was nothing but change of opinion. With the assistance of the ld. Representative we have also gone through the copy of reason recorded for issuing notice u/s 148 of the Act. It is noticed that in the form for reopening the assessment for initiating proceeding u/s 147 approval of commissions of Income Tax was obtained on 29.03.2010, however, the reason for belief that income has escaped assessment were recorded on 30.03.2010 after obtaining the approval for issuing of notice u/s 148 - Therefore, we consider that initiation of proceeding u/s 147of the Act in the case of the assessee is not valid, therefore, we quash the issuing of notice u/s 148 of the Act. Since, we have set aside the proceeding u/s 147, therefore, other ground of appeal of the assessee not required any adjudication. Accordingly, appeal of the assessee is allowed.
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