Allowing the appeal the Court\u00a0 held that S.\u00a0147\u00a0based on the original return filed by the assessee would be a case of change of opinion and consequently bad in law. It was not in dispute that the reopening was based upon the return of income filed by the assessee in the first instance. There was no allegation against the assessee that there was failure on its part to make a true disclosure, nor had the Assessing Officer relied on any tangible material, which had come to his knowledge after the filing of the return and the intimation under S.\u00a0143(1)\u00a0justifying the reopening. The Tribunal was not correct in confirming the order of reassessment made under S.147\u00a0read with S.\u00a0143\u00a0by the AO in the second attempt when there were no fresh materials in his possession justifying the action. (AY. 2001-02)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment\u2014Change of opinion-Original return processed by intimation No failure to disclose truly and fully all material and no new tangible material available with AO Reassessment is held to be not valid. [S. 143(1), 143(3), 148]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9565","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2uh","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=9565"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9565\/revisions"}],"predecessor-version":[{"id":9566,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9565\/revisions\/9566"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}