https://www.taxtmi.com/caselaws?id=216837 The High Court of Bombay dismissed the appeal by the appellant-revenue regarding the reopening of assessment under Section 147/148 of the Income Tax Act for the assessment year 2000-01. The Tribunal found that the reassessment was invalid as it was based on a change of opinion and not on any new material indicating income escapement. The court emphasized the importance of adhering to legal principles, including the prohibition on reassessment solely due to a change of opinion and the requirement of full and true disclosure of material facts during assessment proceedings. en-us Sun, 08 Jul 2012 00:00:00 +0530 Mon, 27 Aug 2012 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216837 The High Court of Bombay dismissed the appeal by the appellant-revenue regarding the reopening of assessment under Section 147/148 of the Income Tax Act for the assessment year 2000-01. The Tribunal found that the reassessment was invalid as it was based on a change of opinion and not on any new material indicating income escapement. The court emphasized the importance of adhering to legal principles, including the prohibition on reassessment solely due to a change of opinion and the requirement of full and true disclosure of material facts during assessment proceedings. Case-Laws Income Tax Sun, 08 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216837