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2023 (7) TMI 239 - HC - Income TaxInitiation of proceedings u/s 147 - Notice issued after expiry of four years - reason to believe - review v/s reopening - failure to truly and fully disclose material facts or not? - HELD THAT:- Reasons for initiation of proceedings u/s 147 of the Act annexed to the Petition that are evidently premised on the statement ‘It is seen from the case records”, nothing to indicate failure to disclose any material fact. Upon examining the order u/s 143(3) r.w.s 263 as find that the AO has considered all submissions and documents and accepted the Loss to be carried forward. Also with regard to section 72A(2) of the Act, he held that the losses on the amalgamated assessee company are carried forward and on amalgamation get fresh life for further 8 years from the date of amalgamation. Thus it is not a case of inadvertence or oversight or a lacuna but clearly a change of opinion. No new tangible material available on record to conclude that income had escaped assessment. In our view it is clearly an exercise to review the original assessment order based on a ‘change of opinion’ which is impermissible as held in CIT v Kelvinator of India Ltd.[2010 (1) TMI 11 - SUPREME COURT] - Decided in favour of assessee.
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