Dismissing the petition the Court held that based on the information collected from the records, the Assessing Officer formed an opinion that claiming of deduction under section 10AA or opting out of benefit of section 10AA was not a criterion to enforce section 115JB and that while computing income under section 115JB, the assessee had added back expenses related to some special economic zone units and reduced the revenue from such units. Based on the information clear findings are also given. That at the time of finalizing the assessment  the Assessing Officer had not formed any opinion on the issue of transfer pricing  issue leading to reassessment under section 147 and thus, it did not amount to change of opinion and also to review of the assessment already completed.The reasons for reopening had been duly recorded and conveyed to the assessee. The order, disposing of the objections, could not be construed as a final order of assessment and if the mandatory requirement of “reason to believe” is satisfied with reference to section 147 of the Act, the authority shall be allowed to continue the reassessment proceedings. The sufficiency of the reasons need not be gone into by the High Court. The issue of reopening of notice is held to be valid. (AY. 2011-12)