Allowing the petition the Court held that, Explanation 1 to section 147 would not apply as all the primary facts were disclosed, stated and were known and in the knowledge of the Assessing Officer. This would be a case of “change of opinion” as the assessee had disclosed and had brought on record all facts relating to transfer of the passive infrastructure assets, their book value and fair market value were mentioned in the scheme of arrangement as also that the transferred passive assets became property of I including the dates of transfer and the factum that one-step subsidiary BIV was created for the purpose. These facts were within the knowledge of the Assessing Officer when he passed the original assessment order for the assessment year 2008-09. The notice of reassessment was not valid. (AY.2008 -09)