https://www.taxtmi.com/caselaws?id=246781 The Supreme Court quashed the reassessment notice issued under sections 147 and 148 of the Income Tax Act for the assessment year 2006-07. The Court emphasized that reopening assessments must be based on tangible reasons to believe, not a mere change of opinion. The reassessment lacked concrete evidence and provided no new material justifying the reopening, leading to the conclusion that it was an arbitrary exercise of power. The Court ruled in favor of the petitioner, highlighting the importance of specific preconditions and tangible evidence for reopening assessments to prevent abuse of power by Assessing Officers. en-us Wed, 16 Apr 2014 00:00:00 +0530 Thu, 19 Feb 2015 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246781 The Supreme Court quashed the reassessment notice issued under sections 147 and 148 of the Income Tax Act for the assessment year 2006-07. The Court emphasized that reopening assessments must be based on tangible reasons to believe, not a mere change of opinion. The reassessment lacked concrete evidence and provided no new material justifying the reopening, leading to the conclusion that it was an arbitrary exercise of power. The Court ruled in favor of the petitioner, highlighting the importance of specific preconditions and tangible evidence for reopening assessments to prevent abuse of power by Assessing Officers. Case-Laws Income Tax Wed, 16 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246781