Change of opinion cannot justify reassessment when the original assessment already considered the same property valuation material.

Reassessment under section 147 cannot be sustained where the original assessment under section 143(3) was completed on materials already on record and the reopening is based only on a different view of the same valuation material. Explanation 1 to section 147 does not permit reopening merely because the assessee had produced books or evidence; here, the valuation issue had already been examined, and no fresh tangible material or failure of full and true disclosure was shown. The reopening was therefore a mere change of opinion and was invalid under sections 147 and 148.

---

---

Issues: Whether reassessment under section 147 could be sustained when the original assessment under section 143(3) had been completed on the basis of materials already on record, and the reopening was founded only on a different view of the valuation of the property.

Analysis: Explanation 1 to section 147 makes it clear that mere production of books of account or other evidence does not, by itself, amount to disclosure if material evidence could have been discovered with due diligence. On the facts, however, the original assessment had already considered the valuation material, including the value adopted in the income-tax and wealth-tax returns. The reassessment was therefore not based on any fresh material or failure to disclose fully and truly all material facts, but only on a different view of the same material. Reopening completed assessment on such a basis would amount to a mere change of opinion, which is not a permissible foundation for action under section 147.

Conclusion: The reassessment was invalid and the reopening under sections 147 and 148 was rightly held unsustainable.

Final Conclusion: The Revenue's challenge failed because no substantial question of law arose, and the assessee succeeded in retaining the relief granted by the appellate authorities.

Ratio Decidendi: Reassessment cannot be initiated on a mere change of opinion where the original assessment under section 143(3) was made on the materials already disclosed and no fresh tangible material or failure of full and true disclosure is shown.

---