https://www.taxtmi.com/caselaws?id=119344 The Tribunal addressed two issues: the validity of reassessment under section 147 and the computation of book profit under section 115JB of the Income-tax Act. It concluded that the reassessment was invalid as it was based solely on a change of opinion without new material. Regarding book profit computation, the Tribunal determined that it should be based on the net profit from the profit and loss account, allowing the appellant's method. The appeal was allowed in favor of the appellant. en-us Wed, 18 Jul 2007 00:00:00 +0530 Wed, 07 Feb 2024 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119344 The Tribunal addressed two issues: the validity of reassessment under section 147 and the computation of book profit under section 115JB of the Income-tax Act. It concluded that the reassessment was invalid as it was based solely on a change of opinion without new material. Regarding book profit computation, the Tribunal determined that it should be based on the net profit from the profit and loss account, allowing the appellant's method. The appeal was allowed in favor of the appellant. Case-Laws Income Tax Wed, 18 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119344