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2020 (2) TMI 836 - AT - Income TaxReopening of assessment u/s 147 - withdrawing the exemption granted u/s.54B of the Act on the ground that the property was brought not in the name of the assessee but in the name of different persons - HELD THAT:- Assessing Officer recorded a finding that second assessment was based on the same fact of materials available on record. There is no reference to any fresh tangible material brought on record. It is amply clear from the assessment order that the Assessing Officer had made observation ‘’subsequently on perusal of the records showed that the assessee had claimed an exemption u/s.54B towards purchase of agricultural land under different names’’. This goes to show that reopening is based on the same set of facts which are available with the Assessing Officer at the time of making original assessment. Assessing Officer allowed exemption u/s.54B of the Act after considering the material available on record and took plausible view. Therefore we can safely conclude that reopening of assessment is only based on change of opinion on the same set of facts which are available with the Assessing Officer at the time of framing the original assessment order As relying on M/S. KELVINATOR OF INDIA LIMITED [2010 (1) TMI 11 - SUPREME COURT] we hold that reopening the assessment is bad in law. Accordingly, we squash the reassessment proceedings and allow the appeal of the assessee.
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