Re-opening u/s 148 based on of revisiting of existing material is bad in law

Brief of the case In Mohan Jhangiani vs ACIT, Kolkata Tribunal held that Non-consideration of the relevant provisions of the Act while forming a belief that income has escaped assessment is not permissible as per law. Further, the assumption of jurisdiction u/s 147 by the Learned AO is based only on change of opinion and made without any tangible material on record, hence the reopening of assessment u/s 148 and consequential reassessment order passed u/s 147 is bad in law. Fact of the Case The assessee was a shareholder and director in two companies namely PAN Services Pvt Ltd and Cemcoat Indi...