The assessment was completed u/s 143(3) of the Act. In the course of assessment proceedings the  Assessing Officer has asked specific question closing stock. After considering the reply the assessment was completed. The assessee received the notice dt. 3-3-2021 for proposing to reopen on the ground of not showing the notional income on stock in trade. The objection of the assessee was rejected. On writ allowing the petition the Court held that it 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.  Notice and order rejecting the objection was quashed.  (WP No. 1179 of 2022 dt.  26.04.22) (AY. 2014-2015)

Harsh Kaushal Corporation v. ITO (Bom.)(HC) (UR)