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2023 (7) TMI 10 - AT - Income TaxReopening of assessment u/s 147 - review v/s reopening - tangible material to initiate reopening -original return of income as scrutinized u/s 143(3) - case was reopened within 4 years - HELD THAT:- The perusal of assessment order would show that Ld. AO has not referred to any tangible material coming into his possession which would lead to formation of a belief that certain income escaped assessment in the hands of the assessee. Apparently, reassessment has been initiated on the same set of material as available before Ld. AO during the course of original assessment proceedings. This being so, the reassessment proceedings would be nothing would review of the order which is impermissible. The case law of Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT] support the case of the assessee wherein it was held that in the absence of any new tangible material, the case could not be reopened on mere change of opinion. Reasons must have a live link with formation of belief. Thus we would hold that the reassessment proceedings were nothing but the review exercise undertaken by Ld. AO which is impermissible. Therefore, the reassessment proceedings are bad in law and hence, liable to be quashed. Decided in favour of assessee.
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