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2023 (8) TMI 1252 - AT - Income TaxReopening of assessment - Change of opinion - undisclosed income as LTCG on the sale transaction of the property [plot] - reasons to believe - HELD THAT:- AO had remained ignorant of the fact that his predecessor had already framed the assessment in the case of the assessee vide his order passed u/s. 143(3). Apart from that, the fact that LTCG on the transaction of sale of the property under consideration had duly been disclosed by the assessee in his return of income filed in response to the notice u/s. 148 and the same was considered by his predecessor while framing the original assessment vide order u/s. 143(3), was also completely lost sight of by the A.O. at the stage of reopening the concluded assessment of the assessee. As there can be no escape from the fact that the concluded assessment of the assessee had been reopened not only based on misconceived facts but has as its foundation facts that had not only been considered, deliberated upon, and formed the basis of the original assessment framed by the A.O vide his order passed u/s 143(3) of the Act, dated 31/03/2016. Thus the reopening of the assessee’s case has to fail for the very reason that the same is not based on any new material that had come to the notice of the A.O after the culmination of the original assessment by him vide his order passed u/s 143(3) of the Act, but is a clear case of assumption of jurisdiction u/s 147 of the Act based on a mere “Change of opinion.” As an assumption of jurisdiction by the A.O for disturbing a concluded assessment of an assessee based on a “change of opinion” is not permitted under law, we, thus, are unable to subscribe to the jurisdiction assumed by the A.O in the present case u/s 147 of the Act. Decided in favour of assessee.
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