https://www.taxtmi.com/caselaws?id=246087 The appeal was allowed in favor of the assessee in a case involving the disallowance of deduction on de-bonding interest on capital goods and the validity of reopening the assessment under section 147 of the Income Tax Act. The ITAT held that the reopening of the assessment was unjustified as there was no tangible material for income escapement, following the 'change of opinion' doctrine and citing the Supreme Court's ruling in CIT vs. Kelvinator of India Ltd. Consequently, the assessment order under section 147 was quashed, and the original assessment order under section 143(3) was reinstated. en-us Fri, 06 Dec 2013 00:00:00 +0530 Wed, 16 Apr 2014 12:57:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246087 The appeal was allowed in favor of the assessee in a case involving the disallowance of deduction on de-bonding interest on capital goods and the validity of reopening the assessment under section 147 of the Income Tax Act. The ITAT held that the reopening of the assessment was unjustified as there was no tangible material for income escapement, following the 'change of opinion' doctrine and citing the Supreme Court's ruling in CIT vs. Kelvinator of India Ltd. Consequently, the assessment order under section 147 was quashed, and the original assessment order under section 143(3) was reinstated. Case-Laws Income Tax Fri, 06 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246087