https://www.taxtmi.com/caselaws?id=212040 The High Court dismissed the Revenue's appeals, affirming the Tribunal's decision to strike down the reassessment proceedings under sections 147/148 of the Income Tax Act for the assessment years 2000-01 and 2001-02. The Court held that the reassessment was based on a change of opinion and that there was no failure on the part of the assessee to disclose material facts. The Court emphasized that reassessment should not be used as a review tool and must be supported by tangible material indicating income escapement. The appeals were dismissed with no costs. en-us Fri, 03 Feb 2012 00:00:00 +0530 Sun, 27 Sep 2015 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212040 The High Court dismissed the Revenue's appeals, affirming the Tribunal's decision to strike down the reassessment proceedings under sections 147/148 of the Income Tax Act for the assessment years 2000-01 and 2001-02. The Court held that the reassessment was based on a change of opinion and that there was no failure on the part of the assessee to disclose material facts. The Court emphasized that reassessment should not be used as a review tool and must be supported by tangible material indicating income escapement. The appeals were dismissed with no costs. Case-Laws Income Tax Fri, 03 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212040