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2022 (8) TMI 87 - AT - Income TaxReopening of assessment u/s 147 - change of opinion - income for trading in shares and mutual funds - business income v/s capital gain - HELD THAT:- As by issuing notice u/s 148 AO wanted to treat the entire income as business income and not as capital gain as computed by the AO in the original assessment order under section 143(3) of the Act dated 31.12.2010. We find that the assessee has fully and truly furnished all the details before the AO and by considering the details filed by the assessee, the assessment was completed u/s 143(3) dated 31.12.2010 and the AO has accepted the claim of the assessee in respect of capital gains. Subsequently, AO wanted to treat the very same capital gain as business income on the basis of the same material available on record. Obviously, the reopening is only a change of opinion and no new tangible material came to the notice of the Assessing Officer to come to a different conclusion and thus, the change of opinion is not permissible in law as the judgement in the case of CIT v. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT] applies. CIT(A) has rightly held that the action of the AO in reopening the assessment does not satisfy the proviso to section 147 of the Act. We find no infirmity in the order passed by the ld. CIT(A) and thus, the ground raised by the Revenue is dismissed.
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