https://www.taxtmi.com/caselaws?id=209003 The ITAT ruled that reassessment proceedings under section 147 of the Income Tax Act, 1961 were invalid as they were solely based on a change of opinion without new material. The tribunal annulled the reassessment order, allowing the assessee's appeal. It emphasized that reassessment cannot be initiated merely due to a change of opinion without tangible material supporting the belief of income escapement, citing legal precedents including the Supreme Court's ruling in CIT vs. Kelvinator of India Ltd. en-us Wed, 16 Mar 2011 00:00:00 +0530 Thu, 01 Aug 2013 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209003 The ITAT ruled that reassessment proceedings under section 147 of the Income Tax Act, 1961 were invalid as they were solely based on a change of opinion without new material. The tribunal annulled the reassessment order, allowing the assessee's appeal. It emphasized that reassessment cannot be initiated merely due to a change of opinion without tangible material supporting the belief of income escapement, citing legal precedents including the Supreme Court's ruling in CIT vs. Kelvinator of India Ltd. Case-Laws Income Tax Wed, 16 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209003