https://www.taxtmi.com/caselaws?id=206233 The Tribunal held that the reassessment order under Section 143(3) read with Section 147 of the Income Tax Act, 1961 was invalid as it was beyond the permissible four-year period from the end of the relevant assessment year. The reassessment was deemed a mere change of opinion by the Assessing Officer, and all material facts had been disclosed during the original assessment. Consequently, the reassessment order was quashed. Additionally, the penalty levied under Section 271(1)(c) was cancelled as the basis for the penalty no longer existed following the quashing of the reassessment proceedings. en-us Fri, 04 Sep 2009 00:00:00 +0530 Sat, 01 Jun 2013 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206233 The Tribunal held that the reassessment order under Section 143(3) read with Section 147 of the Income Tax Act, 1961 was invalid as it was beyond the permissible four-year period from the end of the relevant assessment year. The reassessment was deemed a mere change of opinion by the Assessing Officer, and all material facts had been disclosed during the original assessment. Consequently, the reassessment order was quashed. Additionally, the penalty levied under Section 271(1)(c) was cancelled as the basis for the penalty no longer existed following the quashing of the reassessment proceedings. Case-Laws Income Tax Fri, 04 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206233