https://www.taxtmi.com/caselaws?id=247144 The ld. CIT(A) quashed the reassessment proceedings under sections 147/148 of the IT Act for the assessment year 2004-05. The court found that the AO's decision to reopen the assessment was solely based on a change of opinion, without any new material, and failed to consider section 50C for capital gain computation. Emphasizing that the AO's actions were unjustified, the court dismissed the departmental appeal, citing legal precedents that mere change of opinion is not a valid ground for reassessment and that the assessee had disclosed all relevant facts. en-us Fri, 20 Dec 2013 00:00:00 +0530 Sat, 03 May 2014 09:22:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247144 The ld. CIT(A) quashed the reassessment proceedings under sections 147/148 of the IT Act for the assessment year 2004-05. The court found that the AO's decision to reopen the assessment was solely based on a change of opinion, without any new material, and failed to consider section 50C for capital gain computation. Emphasizing that the AO's actions were unjustified, the court dismissed the departmental appeal, citing legal precedents that mere change of opinion is not a valid ground for reassessment and that the assessee had disclosed all relevant facts. Case-Laws Income Tax Fri, 20 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247144