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2015 (5) TMI 222 - HC - Income TaxReopening of assessment - accounting treatment in respect of unutilized Cenvat credit questioned - Held that:- Identical question came to be considered by the Division Bench of this Court in the case of Heavy Metal and Tubes Limited (2015 (2) TMI 820 - GUJARAT HIGH COURT) and in identical facts and circumstances of the case, the Division Bench quash and set aside the reassessment proceedings which were sought to be initiated on the very grounds on which the impugned reassessment proceedings are initiated against the petitioner - assessee, by observing that where the issue of accounting treatment in respect of unutilized Cenvat credit for the purpose of valuing closing stock was already examined by the Assessing Officer during the scrutiny assessment, reassessment proceedings on the same issue without any tangible material was mere a change of opinion and hence not sustainable. Applying the decision of the Division Bench of this Court in the case of Heavy Metal and Tubes Limited (supra) as well as Lanxess ABS Limited Now known as INEOS ABS (India) Ltd. (2012 (5) TMI 133 - Gujarat High Court), to the facts of the case on hand and as observed hereinabove, there does not appear to be failure on the part of the assessee to disclose truly and fully all material facts necessary for assessment, the initiation of the impugned reassessment proceedings which are initiated beyond the period of four years, are not permissible and the same cannot be sustained and on that ground alone, the impugned reassessment proceedings deserve to be quashed and set aside. - Decided in favour of assessee.
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