https://www.taxtmi.com/caselaws?id=247918 The Tribunal quashed the reassessment for the assessment year 2003-04 as the reopening under Section 147 read with Section 148 of the Income Tax Act was beyond four years and lacked tangible material. The grounds for reopening were found to be based on a change of opinion without valid reasons. Consequently, the reassessment was deemed invalid, and the appeal of the assessee was allowed. The issues regarding reduction of deductions under Sections 80IB and 80HHC, as well as the levy of interest under Section 234D, became irrelevant due to the quashing of the reassessment. en-us Wed, 30 Apr 2014 00:00:00 +0530 Tue, 27 May 2014 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247918 The Tribunal quashed the reassessment for the assessment year 2003-04 as the reopening under Section 147 read with Section 148 of the Income Tax Act was beyond four years and lacked tangible material. The grounds for reopening were found to be based on a change of opinion without valid reasons. Consequently, the reassessment was deemed invalid, and the appeal of the assessee was allowed. The issues regarding reduction of deductions under Sections 80IB and 80HHC, as well as the levy of interest under Section 234D, became irrelevant due to the quashing of the reassessment. Case-Laws Income Tax Wed, 30 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247918