https://www.taxtmi.com/caselaws?id=218053 The Tribunal upheld the decision of the CIT (A) and annulled the reassessment order for the year in question. It found that the reassessment was invalid as it was solely based on a change of opinion without any tangible material supporting the belief of income escapement. Legal precedents highlighted the necessity of a live link between reasons for reassessment and the formation of belief regarding income escapement, ultimately leading to the dismissal of the Revenue's argument and the affirmation of the annulment of the reassessment order. en-us Fri, 19 Oct 2012 00:00:00 +0530 Wed, 31 Oct 2012 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218053 The Tribunal upheld the decision of the CIT (A) and annulled the reassessment order for the year in question. It found that the reassessment was invalid as it was solely based on a change of opinion without any tangible material supporting the belief of income escapement. Legal precedents highlighted the necessity of a live link between reasons for reassessment and the formation of belief regarding income escapement, ultimately leading to the dismissal of the Revenue's argument and the affirmation of the annulment of the reassessment order. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218053