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2022 (12) TMI 415 - AT - Income TaxReopening of assessment u/s 147 - reason to believe - new or tangible material which came to the possession of the AO - HELD THAT:- Reassessment proceedings initiated by the AO u/s 147 of the Act are bad in law, as there was no new or tangible material which came to the possession of the AO subsequent to the issue of the intimation u/s 143 (1) of the Act and therefore, the jurisdictional condition i.e. existence of reason to believe is not satisfied in the present case. As regards learned DR’s submission that arguments now raised in present appeal were not taken by the assessee before the learned CIT(A) and the same are also not covered in any of the grounds raised by the assessee, we are of the view that when the proceedings under 147 of the Act are challenged all the aspects pertaining to same gets covered and more particularly the aspect of existence of ‘reason to believe’, which is a precondition for initiation of any proceeding under section 147 of the Act. Accordingly, ground no. 1 raised in assessee’s appeal is allowed.
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