Allowing the petition the Court held, that it is well-settled that no reassessment/reopening can be undertaken on the basis of mere audit objections or query raised by the internal auditors of the Department. The notice did not indicate any independent application of mind by the Assessing Officer. As could be seen from the records, the audit query vis-a-vis the reply of the Assessing Officer made it clear that the Assessing Officer was of the opinion that the transaction in question related to a capital asset and the tax paid on capital gains in respect thereof had been accepted to be correct. This issue was examined and analysed by the Assessing Officer multiple times. The Assessing Officer had no “reason to believe” any escapement of income to assessment. This was a clear case of change of opinion. Hence, assumption of jurisdiction by the Assessing Officer under section 147 could not be sustained.(AY. 2008-09)