The assessment was reopened and  the Assessing Officer has made addition in respect of performance guarantee and deposits received from parties. On appeal the CIT(A) deleted the addition on merits. On appeal by the Revenue the respondent raised the legal ground of reassessment on the basis of change of opinion. The Tribunal admitted the legal ground orally and held that  in the absence of any fresh material coming to the notice of the AO, the same could not have been reopened merely on the basis of a change of opinion on the basis of the same set of facts as were available on record in the course of the original assessment proceedings. A substitution of a view of a successor AO by re-appreciating the material that was available on record in the course of the original assessment proceedings cannot form a basis for reopening the concluded assessment. Even where a concluded assessment is sought to be reopened by the AO within a period of four years from, it is a must that the AO has fresh material or information with him, that has led to the formation of belief that the income of the assessee chargeable to tax has escaped assessment Reassessment is quashed. (AY.  2010-11)