Section 37(1) & 147 of the Income-tax Act, 1961—Reassessment — In absence of any new tangible material, which was not on record during the original assessment proceedings, any attempt on the part of the Assessing Officer to reopen the assessment on this ground would be based on a mere change of opinion.

Facts: Whether on the facts and circumstances of the case and in law, the Tribunal is justified in holding that the reassessment proceeding u/s 147 is unsustainable in law?"

Held, that as long as certain claim made by the assessee was examined by the Assessing Officer, whether the Assessing Officer raised correct queries and came to the correct conclusion or not, in the context of reopening of assessment, would be of no consequence. There is a vital difference between a conclusion of the Assessing Officer after scrutiny which may appear to the Revenue to be erroneous and a situation where the Assessing Officer during the scrutiny assessment does not examine a particular claim of the assessee altogether. The later will follow within the purview of reopening of assessment, particularly when the notice is issued within a period of 4 years but the former may not. Tribunal correctly came to the conclusion that in absence of any new tangible material, which was not on record during the original assessment proceedings, any attempt on the part of the Assessing Officer to reopen the assessment on this ground would be based on a mere change of opinion.Since we uphold the Tribunal's decision on the invalidity of the reopening, the other issues on merits need not be gone into. No question of law arises. - PR. CIT V/s ZEE MEDIA CORPN. LTD. - [2018] 8 ITCD Online 82 (BOM)