TMI Blog2022 (1) TMI 378X X X X Extracts X X X X X X X X Extracts X X X X ..... or assessment and he is supposed to have considered all these points when he passed the Assessment Order. Also on change of opinion, assessment cannot be re-opened and in any event, even if we, for a moment, agree with the contents of the reason that the average value of investment was adopted at ₹ 21.79 crores as against ₹ 239.29 crores, still there is a bar under section 147 of the Act as then prevailing to re-open assessment after a period of 4 years where the assessment order has been passed under sub-section 3 of section 143 unless any income chargeable to tax, has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment. As in thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs after the expiry of relevant assessment year and as assessment had been made under section 143(3) of the Act, proviso to Section 147 squarely applies to this case. The onus is on the Respondent to show that that there was failure on the part of petitioner to disclose truly and fully material facts required for assessment. 3. Mr. Suresh Kumar relied upon a judgment of this Court in Crompton Greaves Ltd. v/s. Assistant Commissioner of Income Tax, Circle 6(2) (2015) 55 taxmann.com 59 (Bombay) to submit that even if the reason for reopening does not specifically state that there was any failure on the part of petitioner to disclose fully and truly all material facts necessary for its assessment for the relevant assessment year, it wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very same material which has been considered before the original Assessing Order was passed, with a view to take another view. We have to also note that petitioner by its letter dated 05/01/2015, had informed the Assessing Officer that the average value of equity investment was ₹ 239.29 crores against the average net worth of the Company of ₹ 795 crores. Therefore, the Assessing Officer who passed the original Assessment Order, had all primary facts necessary for assessment and he is supposed to have considered all these points when he passed the Assessment Order. It is also settled law that on change of opinion, assessment cannot be re-opened and in any event, even if we, for a moment, agree with the contents of the reason that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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