2021 (1) TMI 957 - ITAT DELHI

Validity of reopening of assessment u/s 147 - whether new information or facts for issuance of notice of re-assessment should be seen? - whether the reopening of the assessment amounts to “review” or “change of opinion” should be seen at a next stage? - HELD THAT:- In the instant case in the light of the decision of the Hon’ble Delhi High Court in the case of Madhukar Khosla [2014 (8) TMI 568 - DELHI HIGH COURT] it is evident that the Assessing Officer has merely perused the records available with him and formed reason to believe that income had Assessment. There is no mention of any ‘trigger’ as how the Assessing Officer came to know this under assessment. If without any information or any new fact came into his possession, he simply revisit or peruse the completed assessment, it definitely amounts to review of the assessment by the Assessing Officer, which is not permitted in law.

Even in the instant case, no addition has been made on this issue either in the earlier or subsequent regular assessments. As the reassessment in the instant case fails at this stage of examining “reasons to believe”, we are not required to examine the stage of “change of opinion”.

In the instant case before us, the information regarding dues from Iraqi Government was available at the time of regular assessment u/s 143(3) in the form of notes to account of annual report, which is evident from the reasons recorded. - Decided in favour of assessee.