https://www.taxtmi.com/caselaws?id=216136 The High Court dismissed the appeal regarding the reopening of assessment for the assessment year 2000-01 under Section 147 of the Income Tax Act. The court held that the Assessing Officer's decision to reopen the assessment was unjustified as it was merely a change of opinion without any new material indicating income escapement. The court emphasized that the power to reopen an assessment must be based on tangible material showing income escapement and not on a mere change of opinion. The court highlighted that the Assessing Officer had already considered and accepted the assessee's explanation during the original assessment, leading to the dismissal of the appeal. en-us Wed, 08 Aug 2012 00:00:00 +0530 Wed, 29 Aug 2012 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216136 The High Court dismissed the appeal regarding the reopening of assessment for the assessment year 2000-01 under Section 147 of the Income Tax Act. The court held that the Assessing Officer's decision to reopen the assessment was unjustified as it was merely a change of opinion without any new material indicating income escapement. The court emphasized that the power to reopen an assessment must be based on tangible material showing income escapement and not on a mere change of opinion. The court highlighted that the Assessing Officer had already considered and accepted the assessee's explanation during the original assessment, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 08 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216136