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Issues: Whether the reassessment proceedings initiated by issuance of notice under Section 148 read with Section 147 of the Income-tax Act, 1961 reopening a completed scrutiny assessment were invalid as constituting a mere change of opinion in the absence of any new or tangible material.
Analysis: The assessment under Section 143 was completed after scrutiny including consideration of the claim for deduction under Section 54F of the Income-tax Act, 1961 and issuance of notice under Section 143(2); the reasons recorded for reopening under Section 148 related to the same issue already examined in the regular assessment. Jurisprudential principles require that reassessment under Sections 147/148 be founded on a 'reason to believe' that income has escaped assessment supported by new or tangible material, and not on an assessing officer's mere change of opinion. Where an assessing officer has, by necessary implication or expressly, formed an opinion upon the issue in the original assessment, reopening on the same facts without fresh material amounts to impermissible change of opinion and exceeds reassessment jurisdiction.
Conclusion: The reassessment proceedings under Section 148 read with Section 147 of the Income-tax Act, 1961 were quashed as being based on a mere change of opinion in the absence of any new or tangible material; the appeal by the Revenue is dismissed and the order under Section 148 is set aside in favour of the assessee.
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