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2019 (3) TMI 993 - HC - Income TaxReopening of assessment u/s 147 - original assessment u/s 143(3) - change of opinion - validity of reason to believe - allegation of suppression - proof of non-disclosure - Additional depreciation allowabilty as manufacturer of carbun black or as power generating company - Amendment of section 32 allowing power companies to claim depreciation - HELD THAT:- Facts recorded in last preceding paragraph make contention of assessee regarding reasons to believe based on availing a benefit subsequently made available by amendment, acceptable as against revenue. AO had found as a fact, that which has been extracted above in the assessment made u/s 143(3). Subsequently, revenue cannot have reason to believe, on those facts, that petitioner is engaged in generation or generation and distribution of power and has claimed additional depreciation on plant and machinery for use of it in a period prior to said insertion by amendment. Once there is finding that reasons to believe are not good reasons, jurisdiction is not derived to compel assessee to submit to reassessment. Submissions made on behalf of revenue regarding non-disclosure also cannot be accepted in the facts and circumstances, Court having noticed there is no such statement to that effect in the reasons to believe. - Decided in favour of assessee.
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