https://www.taxtmi.com/caselaws?id=67759 The Tribunal upheld the decision of the AAC, dismissing the Revenue's appeal against the cancellation of the reassessment order. It was found that the reassessment proceedings were invalid as there was no failure on the part of the assessee to fully disclose material facts, rendering the reassessment merely a change of opinion by the ITO. The Tribunal emphasized that the reassessment was based on a failure to fully disclose agricultural income, not falling under s. 147(B) as argued by the Revenue. The judgment highlighted the importance of genuine grounds for initiating reassessment proceedings under the Income Tax Act. en-us Tue, 31 Jul 1979 00:00:00 +0530 Mon, 14 Mar 2011 14:45:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67759 The Tribunal upheld the decision of the AAC, dismissing the Revenue's appeal against the cancellation of the reassessment order. It was found that the reassessment proceedings were invalid as there was no failure on the part of the assessee to fully disclose material facts, rendering the reassessment merely a change of opinion by the ITO. The Tribunal emphasized that the reassessment was based on a failure to fully disclose agricultural income, not falling under s. 147(B) as argued by the Revenue. The judgment highlighted the importance of genuine grounds for initiating reassessment proceedings under the Income Tax Act. Case-Laws Income Tax Tue, 31 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67759