TMI Blog2017 (2) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... an order. The Supreme Court in CIT vs. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT OF INDIA ] has held that 'reason to believe' in Sections 147/148 cannot include power to reopen assessment on mere change of opinion. The Court observed that reassessment is different from Review. We find that both CIT (A) as well as the Tribunal have on facts held that the issue raised in reopening notice was subject matter of consideration in the regular assessment proceedings leading to an order under Section 143(3) of the Act. Therefore, it is clear case of change of opinion. Nothing has been shown to us that the concurrent findings of the CIT (A) and the Tribunal is perverse. - Income Tax Appeal No. 1340 of 2014 - - - Dated:- 1-2-2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rights on application under Section 50C of the Act. 4. The reasons in support of notice as reproduced in the impugned order of the Tribunal reads as under : In this case the assessment order for Assessment Year 200304 under Section 143(3) was passed on 28th March, 2006 determining assessed income at ₹ 1,90,65,499/. In the assessment order by invocation of the provisions of Section 50C (1) of the Act, the long term capital gain on transfer of land development rights (LDRs) was computed at ₹ 3,46,02,007/. It is seen from the records that the assessee is covered by the Urban Land Ceiling Act, it has restrictions on transfer of land, and what could be transferred are only the development rights. Further as the transfe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer to issue reopening notice under Section 148 of the Act. The Assessing Officer while issuing notice for reopening of the assessment has to strictly satisfy the requirements of the Act. A reopening of an assessment seeks to unsettle issues which have been decided and therefore the same can only be sustained if it satisfies the requirements of Sections 147/148 of the Act completely. This strict satisfaction of Sections 147/148 of the Act alone would give jurisdiction to the Assessing Officer to proceed further. The jurisdiction to issue a reopening notice would arise if the Assessing Officer has reasonable belief that the income chargeable to tax has escaped assessment. This belief cannot be based on mere change of opinion i.e. the issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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