https://www.taxtmi.com/caselaws?id=234698 The Tribunal held that the reopening of the assessment under Section 147/148 of the Income Tax Act was invalid as it constituted a mere change of opinion by the Assessing Officer. The original assessment had already considered the issue of short-term capital gain, and the reassessment based on the same facts was deemed impermissible. Consequently, the Tribunal allowed the appeal on the legal ground of the invalid reopening of assessment, leading to the quashing of the impugned assessment without deciding on whether the income should be classified as business income or short-term capital gain. en-us Tue, 30 Apr 2013 00:00:00 +0530 Mon, 24 Jun 2013 08:32:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234698 The Tribunal held that the reopening of the assessment under Section 147/148 of the Income Tax Act was invalid as it constituted a mere change of opinion by the Assessing Officer. The original assessment had already considered the issue of short-term capital gain, and the reassessment based on the same facts was deemed impermissible. Consequently, the Tribunal allowed the appeal on the legal ground of the invalid reopening of assessment, leading to the quashing of the impugned assessment without deciding on whether the income should be classified as business income or short-term capital gain. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234698