2008 (1) TMI 907

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....ng the assessment in respect of the assessee under section 147/148 of the Income-tax Act, 1961 (for short 'the Act'). 3. It may be mentioned that the Commissioner of Income-tax (Appeals) ['CIT(A)'] as well as the Tribunal have come to the conclusion that it was a case of a mere change of opinion and, therefore, the action taken by the Assessing Officer was not justified. 4. The reasons recorded by the Assessing Officer for reopening the assessment have been filed before us at page 23 of the paper book and they read as follows :- "In the case of M/s. Indian Sugar General Industry Export-Import Corporation Ltd., the assessment was finalized for the assessment year 1995-96 on a total income of Rs. 5,78,61,570 on 5-12-1997. In th....

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....it para No. 7 circulated vide letter No. 532 dated 17-11-1998. Remedial action is consonance with Board's instruction No. 1598 dated 1-2-1985. Reply to the audit has been sent vide letter No. 446 dated 31-3-1999 and copy endorsed to CIT, Delhi-III. -Sd-  (Rajib Hota) JCIT, S.R. 20., N. Delhi 31-3-1999" 5. A perusal of the above reasons would show that there is absolutely no mention about any application of mind by the Assessing Officer to the objections raised by the Audit. The reasons disclose nothing but a change of opinion on the admitted facts. 6. Learned counsel for the revenue has, however, relied upon the note which is appended to the reasons where it has been mentioned that the notice under section 148 of the ....