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2015 (8) TMI 1161 - AT - Income TaxReopening of assessment - AO invoked the provision of section 40(a)(ia) r.w.s. 194C - Held that:- From the facts and circumstances of the instant case and respectfully following the judicial precedents [2010 (1) TMI 11 - SUPREME COURT OF INDIA] in the impugned subject including that of the Hon’ble Supreme Court, Jurisdictional High Court and other High Courts, it is held that the assumption of jurisdiction u/s 147 of the Act by the Learned AO, is based only on “ change of opinion”; made without any tangible material that constituted new information and hence reopening of the assessment u/s 148 of the Act and consequential reassessment order passed u/s 147 is bad in law and accordingly the reassessment proceedings stand quashed. See CIT vs Kelvinator India Limited (2010 (1) TMI 11 - SUPREME COURT OF INDIA ) - Decided in favour of assessee.
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