https://www.taxtmi.com/caselaws?id=219240 The Tribunal upheld the CIT(A)'s order, dismissing the revenue's appeal and finding the reassessment proceedings under Section 147/148 invalid due to being time-barred and lacking new material facts. The reassessment was deemed a change of opinion without valid grounds. Consequently, the disallowance of the provision for gratuity and bonus in the reassessment was overturned, as the original assessment had considered all relevant details. Issues regarding tax credits and penalty proceedings were not separately addressed due to the invalidation of the reassessment. en-us Mon, 05 Nov 2012 00:00:00 +0530 Thu, 01 Sep 2016 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219240 The Tribunal upheld the CIT(A)'s order, dismissing the revenue's appeal and finding the reassessment proceedings under Section 147/148 invalid due to being time-barred and lacking new material facts. The reassessment was deemed a change of opinion without valid grounds. Consequently, the disallowance of the provision for gratuity and bonus in the reassessment was overturned, as the original assessment had considered all relevant details. Issues regarding tax credits and penalty proceedings were not separately addressed due to the invalidation of the reassessment. Case-Laws Income Tax Mon, 05 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219240