Section 147 of Income Tax Act, 1961— Reassessment— The only issue in the present appeal relates to the validity of reassessment proceedings. Admittedly, the original assessment was completed u/s.143(3) of the Act. The assessment was sought to be reopened after expiry of four years from the end of the relevant assessment year. It is not the case of the Assessing Officer that assessee had failed to file return of income u/s.139 of the Act or failed to respond to notice issued u/s.142 of the Act. The fact that in the original assessment order, the Assessing Officer made some additions suggests that assessee had filed all requisite details required to complete the assessment. For the purpose of assumption of jurisdiction u/s.147 of the Act, the Assessing Officer should have reasons to believe that income escaped assessment based on some tangible new materials. From the perusal of the assessment order, it is clear that the Assessing Officer had not made reference to any tangible material nor which has come to his notice after completion of original assessment which enable the Assessing Officer to form an opinion that income escaped assessment. Therefore, it can be safely concluded that reassessment proceedings was initiated based on materials already available on record.

Therefore, it can be safely concluded that reassessment proceedings was initiated based on materials already available on record. It is a case of mere change of opinion on the same set of information/material.[THE INCOME TAX OFFICER, WARD 3, VELLORE VERSUS M/S. V.M. VENKATESA MUDALIAR & SONS] [2020] 21 ITCD Online (6) [ITAT CHENNAI]