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2023 (4) TMI 958 - HC - Income TaxReopening of assessment u/s 147 - Change of opinion - reasons to believe - excess claim of bad debts - Notice issued beyond a period of four years - HELD THAT:- This re-opening is sought for is on the basis of assessment record itself, which assessment record undisputedly consist of the explanation about excess claim of bad debts and this re-opening is not on the basis of any fresh tangible material from what was forming part of assessment proceeding itself and as such in view of this when there is no fresh tangible due material distinct from what was very much available, the re-opening in such circumstance is impermissible as is well propounded in case of Shanti Enterprise [2016 (9) TMI 1614 - GUJARAT HIGH COURT] Case on which undisputedly notice for re- opening is issued beyond a period of four years and in the absence of any fresh tangible material and during the course of assessment the specific questions have been raised, which is already indicated above, and the answers and explanations were put-forth for consideration and scrutiny during the assessment proceedings and despite such material available on hand, the AO has not thought it fit to make any addition with regard to aforesaid claim and as such when the material was very much available and accepted by the Assessing Officer while passing the assessment order now to re- open that issue again is appearing to be based upon change of opinion and in view of law laid down by the Court in case of Premium Finance Pvt. Ltd. [2016 (9) TMI 706 - GUJARAT HIGH COURT] and Gujarat State Board of School Texbooks [2016 (10) TMI 775 - GUJARAT HIGH COURT] such change of opinion cannot formed on the basis of re-opining of assessment No re-opening is permissible merely on the basis of change of opinion. Decided in favour of assessee.
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