The Assessee has challenged the validity of reassessment proceedings initiated under section 147 stating it to be a change of opinion without any fresh material coming to the possession of AO.

The Hon’ble Tribunal perused the provisions of section 147 as applicable for the relevant period and pointed out that no notice can be issued under the said section unless any income chargeable to tax had escaped assessment. Further, it was noted that the AO had doubted upon the assessment only from the perusal of case records itself. Accordingly, it was held that it was a clear case of change of opinion and the reassessment was liable to be quashed. (AY .2008-09)