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2018 (2) TMI 292 - AT - Income TaxReopening of assessment - eligible reason to believe - Held that:- The assessee had made similar disclosure of its receipts in the return of income and also the auditor in the audit report in Form No.3CEB. Since the facts of the present case are identical to the facts before the Tribunal in the case of M/s. Sandvik Tooling Sverige AB Vs. DDIT (2018 (2) TMI 249 - ITAT PUNE) we uphold the order of CIT(A) in holding that reopening of assessment proceedings in the absence of any tangible material to hold that there was reason to believe of escapement of income, thus is not valid in law. Accordingly, we dismiss the appeal filed by the Revenue. In assessment year 2007-08, the facts are identical but the position of appeals are reverse. The Revenue is in appeal on merits of the case and the Cross Objections have been raised by the assessee against reopening of assessment proceedings under section 147/148. Same reasons for reopening the assessment as in assessment year 2006-07 have been recorded. The assessee had declared the said receipts in its computation of income and claimed them to be exempt and similar declaration was made by the auditor in the audit report. - Decided in favour of assessee
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