Reopening of assessment u/s 147 was based on reasons to believe...

Reopening of assessment u/s 147 was based on reasons to believe the difference between total cash sales and cash sales reflected in books. Held: Reopening was made only based on discrepancy noticed from impounded material relevant to the year under consideration. AO during regular assessment verified the same impounded material and issued notice u/s 142(1) for explanation regarding transactions in impounded documents. AO also called for further details regarding impounded material found during survey relevant to the assessment year, explaining total difference in day-wise amount. Hence, during regular assessment, the issue of totaling difference in impounded material was considered. Therefore, it cannot be said that the impugned notice was issued based on any new tangible material having live nexus with escaped income. AO had access to impounded material during regular assessment and after processing revised return filed by assessee, impugned reopening notice is not tenable as it would amount to change of opinion. As the impugned notice was issued beyond four years and assessee made disclosure based on impounded material, it cannot be considered failure to make full and true disclosure. Decided in favor of assessee.