TaxTMI 
TaxTMI 
2026 (7) TMI 988
X X X X Extracts X X X X
X X X X Extracts X X X X
.... infirmity of 'change of opinion'. 2. Briefly, the facts leading to this petition are that the Petitioner is an individual and during the year relevant to the year under consideration, was engaged in the business of trading in shares/securities. The Petitioner filed his Return of Income on 5th November 2014 declaring his total income as 'Nil' (Exhibit-A). The Petitioner's Return of Income was picked up for scrutiny, vide Notice under Section 143(2) of the Act dated 3rd September 2015 (Exhibit-B, Page 55). During the course of the scrutiny proceedings, the Petitioner was issued a Notice under Section 142(1) dated 1st July 2016 (Exhibit-C), which was replied to by the Petitioner on 8th July 2016 (Exhibit-D), wherein the Petitioner had anne....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d also that information was received of certain PANs, which were suspected to be involved in suspicious transactions. Further, the said reasons, inter alia, stated that there was no scrutiny assessment of the Petitioner for the relevant year (A.Y. 2014-15). 7. The Petitioner filed his objections to the said reopening, vide his letter dated 4th June 2022 (Exhibit-P). In the said communication, the Petitioner highlighted the fact that there was a scrutiny assessment earlier and the issues raised in the Notice under Section 148A(b) were raised and addressed in the earlier scrutiny proceedings. 8. Despite all this, the Respondent passed an order under Section 148A(d) dated 29th July 2022 (Exhibit-S). To the Petitioner's contention of ther....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... shares alongwith working of capital gain / loss on the same. Also file copy of demat account, copy of contract note, copy of Global report and the Copy of 10DB report in support of the share trading activity. Please also file the details of mutual funds purchased / sales alongwith working of capital gain / loss on the same. 11) In connection with the share trading activity, you are requested to file date-wise / value-wise & volume of share trading activity, specifying the date of purchase (name of the scrip, volume, value) and the subsequent sale date and the closing balance. Also separately mention the receipt of bonus shares and the details of dividend if any received with necessary supporting evidences. In connection with the p....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ome tax [2023] 154 Taxmann.com 159 (Bom.): [2023] 457 ITR 647 (Bom.), in support of his contention that the defence of 'change of opinion' equally applies to the new scheme of reopening under Section 147, as it applied under the old one which was applicable up to 31st March 2021. It is further submitted that the decision in Siemens (supra) is not disturbed by the decision of the Hon'ble Apex Court in Union of India V/s. Rajeev Bansal (2024) 469 ITR 46 (SC), on the point of 'change of opinion'. For this proposition he relied on the decision of this Court in Sir Jamsetjee Jejeebhoy Charity Fund [2025] 180 Taxmann.com 401 (Bom.): 484 ITR 719 (Bom.). 14. Per contra, Shri Subir Kumar, the learned Counsel appearing for the Respondent-Revenue, ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t Narayan Patkar Charitable Trust v. ITO (Exemption) [2022] 138 taxmann.com 564/287 Taxman 685 (Bombay). In this case, this Court has taken a view that when there is no tangible material or no new information and no fresh material was placed before the Revenue, then the Revenue cannot justify the reopening of the assessment. The reopening cannot be based on a change of opinion. In the present case, all the material particulars and documents were before the Assessing Officer when the original assessment was conducted. There is no new material before the Revenue, nor are there any new facts or information to justify the reopening of the assessment. ...... This decision in Siemens Financial (supra) is not affected by the deci....