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2018 (6) TMI 274 - AT - Income TaxReopening of assessment u/s 148 - capital gain addition - eligibility of reasons to believe - Held that:- Datewise capital account is placed wherein all the credit and debit entries which showed that at the beginning of the year the credit balance was ₹ 1,94,64,671/- whereas at the year end the capital account was overdrawn. A perusal of all these evidences on record reveals that the AO has examined all the materials at the time of original assessment proceedings u/s 143(3) and therefore there is no fresh tangible material before the AO to form a reason to believe that income of the assessee has escaped. The present case which is a mere formation of belief on the basis of re-examination of the same records which were available at the time of original assessment proceedings and therefore nothing less than a change of opinion which is not permissible under the IT Act. - Decided in favour of assessee.
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