TMI Blog2013 (4) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... ases is no longer res integra and has been decided by the Supreme Court in case of Asst. CIT v. Rajesh Jhaveri Stock Brokers P. Ltd. (2007 (5) TMI 197 - SUPREME Court ) So long as the ingredients of section 147 are fulfilled, the Assessing Officer is free to initiate proceeding under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation under section 143(1) had been issued. We do not find any merit in the writ petition and the same is dismissed - However, it is clarified that in this order we have not expressed any opinion on the merits - It will also be open to the petitioner to explain and show that the orders of the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2003, the petitioner informed the respondent that the return filed on February 22, 2002, may be treated as return filed in response to this notice. The petitioner asked for furnishing of "reasons to believe"recorded in writing before issue of notice under section 148 of the Act. The contention of the petitioner is that there was delay and failure to supply the exact reasons recorded by the Assessing Officer. The petitioner was not allowed to inspect the order sheet and note down the exact reasons recorded for issue of notice under section 148 of the Act. 5. The petitioner had objected to reopening, vide letter dated February 21, 2005, but the objections were rejected, vide order dated March 4, 2005. The petitioner wrote a letter dated M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Infrastructure Utilisation Fund (TIUF, for short) and interest earned thereon is not income of the assessee and, therefore, reasons to believe are a mere reason to suspect or surmise and do not disclose or state that there has been underassessment of income. It is further submitted that taxability of Transport Infrastructure Utilisation Fund was a subject-matter in other assessment years including the assessment years 1990-91 and 1991-92 and the issue has been decided in favour of the petitioner. 8. Taxability of the Transport Infrastructure Utilisation Fund, has been decided by us, vide the judgment delivered today in I. T. A. Nos. 166 of 2001, 161 of 2004 and 320 of 2004 and I. T. R. Nos. 30-33 of 1997-since reported in CIT v. D. T. T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t interest on the said amount to tax but had not taxed the amount transferred to the Transport Infrastructure Facilities Utilisation Fund. Reopening notice was questioned on the ground that it was a case of change of opinion as the said aspect had been examined in the original assessment proceedings. Reopening, it is settled, is not permissible on the ground of change of opinion as the Assessing Officer does not have power of review (see CIT v. Kelvinator of India Ltd. [2010] 320 ITR 561 (SC) ; [2010] 2 SCC 723). The High Court, while allowing W.P. (C.) No. 13603 of 2004, had specifically noted that they had only examined and considered the matter from the aforesaid aspect and from the point of view of jurisdiction to reopen and had not exa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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