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2023 (8) TMI 1085 - HC - Income TaxReopening of assessment u/s 147 - Validity of notice u/s 148 - as argued notice was based only on change of opinion and there was no escapement of income - Assessment of trust - assessee had earmarked funds under the head ‘Fund Pending Utilization’ and had not included in receipts - HELD THAT:- In Kelivinator of India Limited [2010 (1) TMI 11 - SUPREME COURT] it was held that there can be re-opening of assessment under Section 148 of the Act only if the Assessing Officer has reason to believe that any income chargeable to tax had ‘escaped assessment’ for any assessment year - Thus on account of a mere change of opinion, re-assessment proceedings cannot be initiated by assessing office. This has been reiterated in ICICI Securities Primary Dealership Limited [2012 (8) TMI 754 - SC ORDER] and Techspan India Private Limited -[2018 (4) TMI 1376 - SUPREME COURT] So we do not find any merit of ground for the assessment years 2004-05 and 2005-06. Revision u/s 263 - as per CIT AO had fail to apply the correct provisions of Section 12(1) - HELD THAT:- The findings of fact recorded by the CIT(Appeals) had been confirmed by the Tribunal in all these appeals holding that these findings had not been assailed by the Revenue through any evidence or material on record; and therefore it is established that the assessee utilized the fund for the purpose of achieving its objective, and that the utilization was more than the prescribed limit, consequent upon which there was no reason to make additions against the assessee. After considering the facts and circumstances and the contentions of the Revenue, we are satisfied that no question of law much less substantial question of law arises for consideration in these appeals and we hold that the findings recorded by the Tribunal cannot, in the facts and circumstances, be said to be perverse.
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