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TMI Blog2018 (1) TMI 1114X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. The reasons as recorded now seeks to take a different view (change of opinion) on the same material on which the original assessment order dated 14th February, 1996 was passed after due consideration to hold that income chargeable to tax has escaped assessment. Thus the impugned notice is completely without jurisdiction as it is based purely on a change of opinion - Decided in favour of assessee. - Writ Petition No. 2976 of 1999 - - - Dated:- 18-1-2018 - M.S. SANKLECHA RIYAZ I. CHAGLA JJ Mr. Prakash Pandit a/w Ms. Prachi Pandit, Mr. P.L. Tripathi i/b Prashant Prabhu for the petitioners None for the respondents P.C. 1. None appears for the respondents. This inspite of the respondents having waived service at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sioner of Income Tax, issued the impugned notice seeking to reopen the assessment for Assessment Year 1994-95. The reasons recorded in support of the impugned Notice dated 10th August, 1998 as made available to the petitioners, reads as under : The reasons recorded for reopening your case for the A.Y. 199495 is as under : The assessee has taken loan / advances from its sister concern, M/s. A.T.C. (Clearing and Shipping) Pvt. Ltd. a company in which it hold more than 10% share holding. During the course of assessment proceedings, an addition of ₹ 8,17,507/was made u/s 2(22)(e) on account of deemed dividend. However, in doing so, the A.O. Considered only the credit balance in the account. When all the transactions of loan / ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... believe failing which, we are afraid, section 147 would give arbitrary powers to the Assessing Officer to reopen assessments on the basis of mere change of opinion , which cannot be per se reason to reopen. We must also keep in mind the conceptual difference between power to review and power to reassess. The Assessing Officer has no power to review; he has the power to reassess. But reassessment has to be based on fulfillment of certain preconditions and if the concept of change of opinion is removed, as contended on behalf of the Department, then, in the garb of reopening the assessment, review would take place. One must treat the concept of change of opinion as an inbuilt test to check abuse of power by the Assessing Officer. Hence, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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