https://www.taxtmi.com/caselaws?id=250326 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to quash the re-opening of assessment under section 148 of the Income Tax Act. The re-opening was deemed unjustified as it constituted a change of opinion without new information. The classification of income from the sale of shares as Short term Capital Gain was upheld, as the assessing officer's decision to re-open the assessment was solely based on existing information, indicating a change of opinion impermissible under the law. en-us Fri, 25 Jul 2014 00:00:00 +0530 Sat, 09 Aug 2014 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250326 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to quash the re-opening of assessment under section 148 of the Income Tax Act. The re-opening was deemed unjustified as it constituted a change of opinion without new information. The classification of income from the sale of shares as Short term Capital Gain was upheld, as the assessing officer's decision to re-open the assessment was solely based on existing information, indicating a change of opinion impermissible under the law. Case-Laws Income Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250326