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TMI Blog2014 (6) TMI 966X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,79,830. The AO completed the assessment on 29.8.2011 u/s. 143(3) r.w.s. 147 of Income-tax Act, 1961 determining the total income at Rs. 43,97,587. Aggrieved, the assessee agitated the ground of reopening before the CIT(A) stating that re-assessment proceedings u/s. 147 of the Act was on mere change of opinion. 3. The AR submitted before the CIT(A) that the responsibility of the assessee has been discharged by full disclosure of all primary facts at the stage of original assessment proceedings and subsequent reopening of the assessment was on mere change of opinion. The AR relied on the judgements of Hon'ble Supreme Court in the case of (i) Calcutta Discount Co. Ltd. vs. ITO 41 ITR 191 (SC), (2) ITO vs. Lakhmani Mewal Das (103 ITR 437) an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r AO to point out that there was a failure on the part of the assessee to disclose material facts necessary for assessment, before reopening can be held to be valid beyond the period four years. The CIT(A), therefore, allowed the appeal of the assessee. Aggrieved the Revenue is in appeal before us and raised the following jurisdiction ground: "The CIT(A) erred on facts and in law in holding that the reopening is not valid though as per explanation 1 to section 147 production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of the foregoing proviso." 7. The learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the assessing officer clearly goes on to say in para-1 as well as in para-4 of that order that long-term capital gain has to be assessed on the sale of land. 11. It is very clear from above that after a detailed scrutiny and investigation the assessing officer had formed an opinion on the taxation of profit on sale of land as capital gains. Now, without any further information and without providing an iota of evidence to show any default on the part of the assessee, the assessing officer is not permitted as per law to reopen the assessment and change his opinion to assess the profit on sale of land as business income. The aforementioned facts very clearly show that this is only a change of opinion. 12. Relying on the judgement of Bom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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