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2023 (2) TMI 427 - BOMBAY HIGH COURTReopening of assessment u/s 147 - Petitioner had issued premium which was not valued correctly in terms of Rule 11UA r/w Section 56(2)(viib) - HELD THAT:- Supreme Court in Commissioner of Income-tax, Delhi Vs. Kelvinator of India Ltd.[2010 (1) TMI 11 - SUPREME COURT] held that there was a difference between ‘power to review’ and ‘power to reassess’ under section 147 and that the AO had no power to review and that, if the concept of ‘change of opinion’ was removed, then, in the garb of reopening of the assessment, a review would take place. There was no failure on the part of the assessee to disclose fully and truly the material facts, nor there was any tangible material with the A.O. which would have otherwise justified the reopening of the assessment by issuing the notice impugned. Petition is allowed.
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