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Issues: Whether reassessment proceedings initiated under Section 148A(d) and notice under Section 148 of the Income-tax Act, 1961 were valid when the material forming the basis of reopening had already been examined in the original scrutiny assessment and the reopening amounted to a mere change of opinion.
Analysis: The return for the relevant assessment year had earlier been scrutinised under Section 143(3) of the Income-tax Act, 1961 after the assessee had furnished the relevant details, including material concerning the transaction later relied upon for reopening. The reasons recorded for reopening were founded on the same material already considered in the original assessment. Reassessment cannot be used as a power of review, and reopening is impermissible where it is based only on a reappraisal of already examined material. The concept of change of opinion operates as an in-built safeguard against arbitrary exercise of the power to reopen completed assessments.
Conclusion: The reassessment order and notice were invalid and were quashed; the issue is decided in favour of the assessee.
Final Conclusion: The writ petition succeeded and the reopening proceedings were set aside, bringing the matter to a final end in favour of the assessee.
Ratio Decidendi: Completed assessments cannot be reopened on the basis of a mere change of opinion where the very material relied upon for reopening had already been examined in the original scrutiny assessment.
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