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2018 (3) TMI 578 - AT - Income TaxReopening of assessment - validity of reasons to believe - Held that:- Recording reasons there must be tangible material/information in possession of assessing officer, and he has to record reasons, why this tangible material/information makes him believe that income has escaped assessment. In the case, a conscious decision not to effect the disallowance of ₹ 49,97,704/- was taken by AO at the stage of assessment u/s 143(3). CIT(A) further observed that the AO after 4 years from the end of assessment year has changed his opinion, and when the opinion was changed, there were no new material before him except an audit objection. Moreover, the material/subject matter available in the audit objection was already examined by AO during the regular assessment under section 143(3) of the Act, by taking an affidavit from the assessee to satisfy the requirement of obtaining Form No. 15-I. CIT(A) rightly held that since the AO has changed his opinion and there were no new material before him except an audit objection, therefore, reopening u/s 147/148 was erroneous. - Decided in favour of assessee
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