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2023 (8) TMI 447 - AT - Income TaxReopening of assessment - “tangible material” on record that there is escapement of income from assessment - reopening after four years - HELD THAT:- From the reasons recorded by the A.O., it clearly reflects that the same are based on the books of accounts and balance sheet filed by the assessee. Further the claim of additional depreciation which was considered by the AO while passing original assessment order u/s. 143(3) - Thus the reasons recorded by the AO does not show that any new tangible material available on record and there is no failure on the part of the assessee to disclose fully and truly all material facts necessary for the purpose of assessment, when the same is reopened after four years period. As examined the applicability of case of CIT Vs. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT] wherein it was categorically held that the AO has no power to review his assessment order, but has only the power to reassess, provided there is “tangible material” on record that there is escapement of income from assessment. Thus no hesitation in holding that in the absence of tangible material, reopening of assessment after four years period amounts to “change of opinion” only. Therefore the reopening of assessment is not valid as per the provisions of section 147 - Decided in favour of assessee.
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