Allowing the petition, the Court held that   there was no order withdrawing the certificate issued by the Commissioner determining the tax arrears in form 3 dated January 8, 1999 under the 1998 Scheme. It was not the case of the Department that there was any misdeclaration made by the assessee under the 1998 Scheme. On this ground alone the notice was unsustainable. Since the issue of reopening the assessment under section 147 had been raised on the issue of assessee’s portfolio management scheme all the details including with the particular entity had been furnished by the assessee as required by the Assessing Officer during the assessment proceedings and had been dealt with in detail in the assessment order. Therefore, the reopening of assessment after the period of four years was merely on the basis of change of opinion of the Assessing Officer and did not constitute justification or reason to believe that income chargeable to tax had escaped assessment. The reasons to believe did not state that there was any failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment. The notice dated January 15, 2000 under section 148 was without jurisdiction and unsustainable.(AY.1992-93)