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TMI Blog2022 (5) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... ent No.1 is relying upon the same primary facts which were before the AO who concluded the assessment proceedings to take a different view. In our view, this is not a case where the assessment is sought to be reopened on the reasonable belief that income had escaped assessment on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but this is a case wherein the assessment sought to be reopened on account of change of opinion of the Assessing Officer about the manner of computation. In view of proviso to section 147 of the Act, the same is not permissible. Appeal of assessee allowed. - WRIT PETITION NO. 1179 OF 2022 - - - Dated:- 26-4-2022 - K.R. SHRIRAM N.R. BORKA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon the petitioner to explain whether the petitioner was receiving rental income and if the rental income was being received out of stock-in-trade, then why the closing stock was not shown in investment. Petitioner by letter dated 26.12.2016 submitted the documents/details in that respect as sought by the Assessing Officer. 7] According to the petitioner, respondent No.1 after scrutinizing all the details furnished by the petitioner, examining all the issues and the explanation given by the petitioner passed an assessment order dated 30.12.2016 under section 143(3) of the Act. 8] According to the petitioner, inspite of above facts and circumstances and though there is no failure on the part of the petitioner to disclose fully and tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts to change of opinion and the same is not permissible. 12] It is further submitted that the proviso to section 147 of the Act provides that where an assessment under section 143(3) of the Act has been made for relevant assessment year and four years from the end of the relevant assessment year has expired, then no reassessment proceedings can be initiated under section 147 of the Act unless any income chargeable to tax has escaped assessment for such assessment year by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment for that assessment year. It is submitted that the petitioner s case is covered by the said proviso as there is no failure on the part of the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r view, this is not a case where the assessment is sought to be reopened on the reasonable belief that income had escaped assessment on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but this is a case wherein the assessment sought to be reopened on account of change of opinion of the Assessing Officer about the manner of computation. In view of proviso to section 147 of the Act, the same is not permissible. 16] This Court in Ananta Landmark Pvt. Ltd. vs. Deputy Commissioner of Income Tax Central Circle 5(3) and ors.(2021) 439 ITR 168 has held: The Assessing Officer has no power to review an assessment which has been concluded. If a period of four yea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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