Change of opinion barred reassessment where book profit under section 115JB was already examined in the original assessment.

Reassessment under section 147 was invalid where the original section 143(3) assessment had already considered the book profit computation under section 115JB. The assessee had filed the working of book profit and Form 29B, and the assessment order itself showed that the Assessing Officer had applied his mind to the issue. Reopening on the same material amounted to a mere change of opinion, and no new tangible material was shown to justify reassessment. The jurisdictional challenge succeeded.

---

---

Issues: Whether reassessment under section 147 was valid when the original assessment under section 143(3) had already taken into account the computation of book profit under section 115JB.

Analysis: The assessee had furnished the working of book profit along with the return and the audit report in Form 29B. The assessment order itself contained a computation under section 115JB, showing that the Assessing Officer had applied his mind to the issue. In such circumstances, reopening on the same material amounted to a change of opinion. No new tangible material was shown to justify the reassessment. The principle that an assessment cannot be reopened merely to review an earlier conclusion applied.

Conclusion: The reopening was invalid and the assessee succeeded on the jurisdictional challenge.

---