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2020 (4) TMI 391 - AT - Income TaxValidity of reopening of assessment - change of opinion - Whether no tangible information has come into the possession of AO pursuant to the assessment made u/s 143(3) which is rationale and bear a direct nexus to the material on which recent belief is based? - HELD THAT:- Section 147 of the Act has been made without any tangible material, but on pursuant of the same material which were available before the Assessing Officer at the time of framing of the original assessment. AO was explained during the course of original assessment vide letter dated 11.12.2012 to show that such loss is not speculative in nature. Further it was also pointed out to the Assessing Officer that similar claim of the assessee was duly accepted in proceedings under Section 143(3) of the Act for assessment year 2009-10. Departmental Representative could not show us any tangible material. The Hon’ble Supreme Court in the case of Kelvinator of India Ltd. Vs. CIT [2010 (1) TMI 11 - SUPREME COURT] has held that even the change of opinion can be arrived for re-opening provided there is a beneficial material coming into the possession of the Assessing Officer showing that there was an escapement of income from assessment and such tangible material must have an alive link with the formation of the belief. In the present case such criteria is absent. Thus, we do not find any infirmity in the order of the learned CIT (Appeals) and the same is confirmed. Hence, appeal of the Assessing Officer is dismissed.
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