Tribunal upholds Commissioner's decision on assessment reopening under Section 147.

The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision validating the reopening of the assessment under Section 147. The Tribunal affirmed the Assessing Officer's jurisdiction, stating the reopening was justified by new information and not a change of opinion. Consequently, the assessee's appeal was dismissed, with the order issued on 27.11.2015.

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Issues Involved:
1. Jurisdiction of the Assessing Officer under Section 147.
2. Validity of reopening the assessment under Section 147.
3. Applicability of the third proviso under Section 147.
4. Allegation of change of opinion by the Assessing Officer.

Detailed Analysis:

1. Jurisdiction of the Assessing Officer under Section 147:
The assessee challenged the jurisdiction of the Assessing Officer (AO) under Section 147, arguing that the AO exceeded his jurisdiction in reopening the assessment. The Commissioner of Income Tax (Appeals) and the Tribunal upheld the AO's jurisdiction, noting that the reopening was based on credible information obtained during a survey under Section 133A, which revealed a higher sale consideration for the property.

2. Validity of Reopening the Assessment under Section 147:
The reopening of the assessment was contested by the assessee on the grounds that it was based on a change of opinion. The Tribunal, after reviewing the submissions and the order of the Commissioner of Income Tax (Appeals), held that the reopening of the assessment was valid. The Tribunal noted that the reopening was not based on a change of opinion but on new information obtained during the survey, which justified the reassessment.

3. Applicability of the Third Proviso under Section 147:
The assessee argued that the third proviso under Section 147, which restricts the AO from reassessing income that has already been the subject matter of an appeal, should apply. The Commissioner of Income Tax (Appeals) and the Tribunal found that this proviso was not applicable in this case. The reassessment was based on new information regarding the quantum of Long Term Capital Gains (LTCG), not on the year of taxability, which was the subject matter of the previous appeal.

4. Allegation of Change of Opinion by the Assessing Officer:
The assessee claimed that the reassessment was a result of a change of opinion by the AO. The Tribunal, agreeing with the Commissioner of Income Tax (Appeals), found no merit in this argument. The reassessment was triggered by new information obtained during the survey, which indicated that the sale consideration should be higher than initially reported. This new information justified the reassessment, and hence, it was not a case of change of opinion.

Conclusion:
The Tribunal upheld the order of the Commissioner of Income Tax (Appeals), validating the reopening of the assessment under Section 147. The Tribunal found that the AO had jurisdiction, the reopening was based on new information, and there was no change of opinion. Consequently, the appeal of the assessee was dismissed. The order was pronounced in the open court on 27.11.2015.

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