https://www.taxtmi.com/caselaws?id=219884 The court held that the reopening of the assessment under Section 148 of the Income Tax Act for AY 2006-07 was unjustified as it constituted a mere change of opinion without new tangible material. The Assessing Officer lacked the required "reason to believe" that income had escaped assessment based on relevant material. Consequently, the court quashed the notice for reopening and the order rejecting objections, ruling in favor of the petitioner and making the rule absolute with no costs. en-us Fri, 31 Aug 2012 00:00:00 +0530 Mon, 31 Dec 2012 13:55:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219884 The court held that the reopening of the assessment under Section 148 of the Income Tax Act for AY 2006-07 was unjustified as it constituted a mere change of opinion without new tangible material. The Assessing Officer lacked the required "reason to believe" that income had escaped assessment based on relevant material. Consequently, the court quashed the notice for reopening and the order rejecting objections, ruling in favor of the petitioner and making the rule absolute with no costs. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219884