https://www.taxtmi.com/caselaws?id=212037 The Court quashed the reassessment proceedings initiated under Sections 147 and 148 of the Income Tax Act, citing a lack of valid reasons for reassessment and factual inaccuracies. The Court emphasized that reassessment cannot be based on a mere change of opinion and must rely on tangible material indicating income escapement. The reassessment notice and the order dismissing objections were deemed invalid, and the writ petition was allowed without costs. en-us Tue, 31 Jan 2012 00:00:00 +0530 Thu, 12 Apr 2012 09:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212037 The Court quashed the reassessment proceedings initiated under Sections 147 and 148 of the Income Tax Act, citing a lack of valid reasons for reassessment and factual inaccuracies. The Court emphasized that reassessment cannot be based on a mere change of opinion and must rely on tangible material indicating income escapement. The reassessment notice and the order dismissing objections were deemed invalid, and the writ petition was allowed without costs. Case-Laws Income Tax Tue, 31 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212037