TMI Blog2015 (2) TMI 1267X X X X Extracts X X X X X X X X Extracts X X X X ..... t be per se reason to reopen. There is conceptual difference between power to review and power to reassess. The AO has no power to review, he has the power to re-assess. But assessment has to be based on fulfillment of certain conditions and if the concept of “change of opinion” is removed, then, in the garb of reopening of assessment, review would take place. Supreme Court in the case of CIT vs. Kelvinator of India India [2010 (1) TMI 11 - SUPREME COURT OF INDIA] has held that the AO must have some tangible material for reopening the assessment. In the case in hand, we do not find any new tangible material evidence on the basis of which the AO has reopened the assessment. - Decided in favour of assessee. - I.T.A. No. 4282/Mum/2013 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot subjected to scrutiny of the statutory auditors of the assessee company nor the relevant evidences for allowability of the same were submitted before the assessing officer for proper verification. 2.1 Thereafter, the assessee attended the proceedings and replied to the queries of the AO. After considering replies filed by the assessee, the AO finally completed the assessment by making addition on account of miscellaneous expenses at ₹ 97.74 crores. 2.2 Aggrieved, the assessee carried the matter before Ld. CIT(A). Before Ld. CIT(A) it was strongly contended that the reopening was erroneous and bad in law and not in accordance with the settled principles of the law. It was explained to Ld. CIT(A) that the complete disclosure w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er passed by the A.O. u/s 143(3) r.w.s 147 is annulled. Thus, appellant s this ground of appeal is allowed. 3. Aggrieved by this the Revenue is before us. Ld. DR strongly supported the assessment order. 4. Ld. Counsel for the assessee reiterated what has been submitted before lower authorities. 5. In the notes forming part of accounts it is provided as under: 1. The board of ICICI Limited at its meeting on October 25, 2001 decided to merge ICICI Limited with ICICI Bank Limited, subject to several approvals including those of the Reserve Bank of India, shareholders and the High Courts, which have since been received. The Appointed Date of the merger is March 30, 2002 and ICICI Limited has ceased to exist with effect from the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... review, he has the power to re-assess. But assessment has to be based on fulfillment of certain conditions and if the concept of change of opinion is removed, then, in the garb of reopening of assessment, review would take place. Hon ble Supreme Court in the case of CIT vs.Kelvinator of India India, 320 ITR 561 has held that the AO must have some tangible material for reopening the assessment. In the case in hand, we do not find any new tangible material evidence on the basis of which the AO has reopened the assessment. Ld. CIT(A) has rightly followed the decision of the Hon ble Supreme Court (supra). Ld. CIT(A) has also observed on similar facts the Hon ble Bombay High Court in assessee s own case in ITA 1237 of 2011 dated 9/10/2012 foll ..... X X X X Extracts X X X X X X X X Extracts X X X X
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