https://www.taxtmi.com/caselaws?id=68741 The reassessment proceedings initiated under section 147 of the Income Tax Act were deemed illegal by the Tribunal due to the lack of valid material justifying the belief that income had escaped assessment. The additions made in the re-assessment order were invalidated as they were not supported by new evidence but rather constituted a mere change of opinion. Consequently, the reassessment order was canceled, and all appeals by the assessee were allowed. en-us Tue, 20 Jul 2004 00:00:00 +0530 Fri, 01 Apr 2011 12:08:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68741 The reassessment proceedings initiated under section 147 of the Income Tax Act were deemed illegal by the Tribunal due to the lack of valid material justifying the belief that income had escaped assessment. The additions made in the re-assessment order were invalidated as they were not supported by new evidence but rather constituted a mere change of opinion. Consequently, the reassessment order was canceled, and all appeals by the assessee were allowed. Case-Laws Income Tax Tue, 20 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68741